2015 (8) TMI 1019

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.... assessee is aggrieved by the impugned order dated 21/09/2010 of the ld. First Appellate authority. Ground nos.1 and 2 pertains to disallowance of exemption u/s. 54 of the Act amounting to Rs. 23,77,683/- which as per the assessee was without appreciating the details and submissions filed before the ld. CIT(A) for claiming such exemption. 2. During hearing of this appeal the ld. Counsel for the....

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.... that assessee did not produce any purchase agreement with regard to investment in the residential flat at Thane. Still there is no dispute that an allotment letter dated 9/9/10 along with evidence of payment was duly submitted before the authorities. If the allotment letter and proof of payment is produced it cannot be said that the assessee did not invest in the purchase of new property. Section....

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.....P.), CIT vs. Smt. Brinda Kumari (2001) (114 Taxmann 266 (Del.), CIT vs. Smt. Bharti C. Kothari 244 ITR 352 (Cal.), CIT vs. Dr. Laxmichand Narpal Nagda 211 ITR 804 (Bom.), CIT vs. Shehzada Begum 173 ITR 379 (AP) supports our view. In the case of Shehzada Begum it was held by the Hon'ble Andhra Pradesh High Court that date of taking over possession of property purchased (in the present case investm....