2022 (11) TMI 1115

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.... PER S.S. GODARA, JM : This assessee's appeal for AY 2013-14 arises against the CIT(A), Pune-3's order dated 27.08.2020, passed in case No. PN/CIT(A)-3/ITO Wd.2(2)/398/2015-16, involving proceedings under 143(3) of the Income Tax Act, 1961 in short the Act. Heard both the parties. Case file perused. 2. Coming to the assessee's sole substantive grievance that both the lower authorities ha....

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.... sold the subject property vide agreement dated 27/02/2013 for a consideration of Rs.1,50,00,000/-. The appellant had already purchased another property i.e. flat in Lunkad Sky Vie, Viman Nagar vide agreement dated 14/12/2011 for Rs.1,45,59,000/. Thus the property at Viman Nagar was purchased 1 year 2 months and 6 days before the sale of property at Wadgaoseri. However, the appellant claimed deduc....

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....income of the appellant under the head "Capital Gain". 5.6 It is also seen that the property at Wadgaoseri was sold on 27/02/2013 and thus the sale proceeds were not utilised for purchase of flat at Viman Nagar which was purchased vide agreement dated 14/12/2011. Further, the section 54 of the Act does not talk about payment or utilisation but talks only about date of sale and purchase of....

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....l stands and find no merit in the Revenue's argument supporting the impugned section 54 deduction disallowance. A perusal of the assessee's undisputed purchase agreement re-investment document dated 14.12.2011 (pages 11 to 69 in the paper book) makes it clear at page 22 that only 10% of the total purchase price had to be paid by the said date followed by a detailed payment schedule of 10% and 4% e....