TaxTMI 
TaxTMI 
2018 (8) TMI 1051
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....of Hon'ble Apex Court in the case of Sh.Sanjeev Lal vs. CIT, (2014) 365 ITR 389, that of Hon'ble Delhi High Court in the case of CIT vs. Bharti Mashra (2014) 98 DTR 1 and that of Hon'ble Karnataka High Court in the case of CIT vs. J.R. Subramanya Bhat, (1987) 165 ITR 571 and decision of Hyderabad Bench of the Tribunal in the case of DCIT vs. Sri Vidyasagar Dontineni, (2015) 68 SOT 441. Contention of the ld. Authorised Representative was that benefit u/s.54 of the Income Tax Act, 1961 (in short ''the Act'') could be allowed even for construction of a residential house done within one year period prior to the date of transfer giving arise to the capital gains on which such deduction was sought by the assessee. As per the ld. Authorised Repres....
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....idential house, then instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is to say,-- (i) if the amount of the capital gain is greater than the cost of the residential house so purchased or constructed (hereafter in this section referred to as the new asset), the difference between the amount of the capital gain and the cost of the new asset shall be charged under section 45 as the income of the previous year; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, as the ....
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.... drawn on ICICI Bank, Numgambakkam Branch for a sum of Rs. 17, 18,000 /- (Rupees Seventeen Lakhs Eighteen Thousand Only), at the time of signing of this agreement. (b). Balance amount of Rs, 27, 18,000/- (Rupees Twenty Seven Lakhs Eighteen Thousand only) will be paid by the PURCHASER to and in favour of the VENDOR through the sale deed and. Builder's Agreement. (c) The sale deed and Builders agreement will be entered into on or before 60 days from the date of this agreement. 3. It is agreed between the VENDOR and the PURCHASER that the construction of the said property has commenced and the same will be completed in all respect within 24 months as per the Specifications laid down in SCHEDULE "C. 4. All charges towards the co....