2017 (9) TMI 1772

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....he provisions of section 263 to the case of the assessee and treating the assessment order as erroneous. The 2nd ground raised in this appeal is that the CIT erred in considering 17.10.2008 as the date of sale of property instead of 07.10.2008 and thereby denying the assessee deduction u/s 54 of the Act. 3. Briefly stated, the facts of the case are that the assessee filed her return of income for the AY 2009-10 on 30.09.2009 declaring total income of Rs. 16,49,800/-. The Assessing Officer (AO) made the assessment u/s 143(3) on 09.12.2011 at a total income of Rs. 17,15,760/-. The CIT, on examination of record found that the assessee had earned Long Term Capital Gains (LTCG) on sale of property which was claimed exempt u/s 54F to the tune ....

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....k of Baroda sanctioned the application for home loan of the assessee subject to the condition mentioned in point no. 20 that the sellers had to produce a letter confirming that the sale deed is valid and remains in force as the applicant has only paid a part of the sale amount. The Ld. counsel placed reliance on the judgment of the Hon'ble Bombay High Court in the case of CIT vs. Beena K Jain (1996) 217 ITR 363. Thus it is stated by him that where the parties had clearly intended that despite the execution and registration of sale deed, transfer by way of sale would become effective only on payment of the entire sale consideration, it had to be held that there was no transfer of land. Also it is stated by him that the CIT has wrong....

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....supra). In that case the assessee had sold office premises on 23rd July, 1987, which resulted in long term capital gains of Rs. 24,05,050/-. Prior to the sale she had entered into an agreement for purchase of a residential flat which agreement was dated 4th September 1985. The agreement was for purchase of a flat for a total consideration of Rs. 12,26,751/-. On the date of the agreement of sale, the assessee paid a sum of Rs. 1,35,000/- as earnest money. This agreement was registered on 27th October 1985. The construction of the flat was finally completed in July, 1988. The assessee paid the consideration amount of Rs. 10,44,375/- plus Rs. 47,376/- on 29th July, 1988, and she was put in possession of the said flat on 30th July, 1988. The as....