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Case Law Details

Case Name : ITO Vs Sunil Shiv Khanna (ITAT Mumbai)
Appeal Number : ITA No. 5857/M/2016
Date of Judgement/Order : 14/05/2018
Related Assessment Year : 2010-11
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ITO Vs Sunil Shiv Khanna (ITAT Mumbai)

We are of the view that the assessee’s claim of deduction u/s. 54 of the Act is to be reckoned from the date of handing over of the possession of the flat by the builder to the assessee i.e. 11.09.2009, and if we take that date, the assessee is entitled to deduction u/s. 54 of the Act because the assessee has sold his residential flat on 24.02.2010.  For the purpose of section 54, the relevant date is the date on which assessee pays final consideration amount and takes possession of the flat and not on which substantial payments are made.

FULL TEXT OF THE ITAT JUDGMENT

This appeal by assessee is arising out of the order of the CIT(A) – 26, Mumbai, in appeal No.CIT(A)-26/IT 64/ITO.15(1)(2)/12-13 dated 24.02.2014.  The assessment was framed by the ITO 15(1)(2), Mumbai, for A.Y. 2010-11 vide his order dated 29.01.2013 u/s. 143(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’).

2. The only issue in this appeal of the assessee is against the order of the CIT(A) confirming the action of the AO in disallowing deduction on account of Long Term Capital Gains claimed by the assessee by observing that new residential house was not purchased within the time limit prescribed u/s 54 of the Act.

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One Comment

  1. MANABENDRA DAS says:

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    with regards,
    Manabendra Das

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