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| The Tax Publishers2019 TaxPub(DT) 1761 (Del-Trib) : (2019) 176 ITD 0330 INCOME TAX ACT, 1961
Section 54
It was undisputed that assessee had made payment of for purchase of flat to developer and there was a complaint filed by La Tropicana, Resident Welfare Association against the developer with National Consumer Disputes Redressal, Commission. Thus, delay in obtaining possession and getting purchase deed executed was on account of the developer and was by reason beyond the control of the assessee. In such peculiar facts and circumstances, exemption under section 54 could not be denied to assessee.
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Capital gains - Exemption under section 54 - Investment of sale proceeds of original asset into certain flat - Assessee not been able to obtain possession and got purchase deed executed within 3 years.
Assessee sold certain property and invested proceeds thereof in certain flat. Accordingly, assessee claimed exemption under section 54. However, AO denied exemption on the ground that assessee could not obtain possession and got purchase deed executed within the period of three years. Held: It was undisputed that assessee had made payment of for purchase of flat to developer and there was a complaint filed by La Tropicana, Resident Welfare Association against the developer with National Consumer Disputes Redressal Commission. Thus, delay in obtaining possession and getting purchase deed executed was on account of the developer and was by reason beyond the control of assessee. In such peculiar facts and circumstances, exemption under section 54 could not be denied to the assessee.
Supported:Balraj v. CIT (2002) 254 ITR 22 (Del-HC) and CIT v. R.L. Sood (2000) 245 ITR 727 (Del) : 2000 TaxPub(DT0 875 (Del-HC).
REFERRED :
FAVOUR : In assessee's favour.
A.Y. : 2012-13
INCOME TAX ACT, 1961
Section 48
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