TaxTMI 
TaxTMI 
2024 (12) TMI 191
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....iled a petition for condonation of delay stating the reasons. Upon hearing both the parties and on examination of the said petition, we find the reasons stated by the assessee are bonafide, which really prevented the assessee in filing the appeal in time. Thus, the delay of one day is condoned. 3. The assessee raised 4 grounds of appeal amongst which the only issue emanates for our consideration as to whether the ld. CIT(A) is justified in confirming the order of the Assessing Officer on account of disallowance made under section 54 of the Income Tax Act, 1961 ["Act" in short]. 4. Brief facts leading to the issue are that according to the Assessing Officer, the assessee is a member of HUF and purchased property worth of Rs..24,00,000/- fr....
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....gued that the Hon'ble Supreme Court held recognizing or accepting GPA transaction as concluded transfer is not good in law. Further, he argued that immovable property can be legally and lawfully transferred/ conveyed only by registered deed of conveyance. He argued vehemently that entering POA for sale of immovable property does not convey any title and it is not a transfer. Further, he drew our attention to the decision of the Hon'ble Supreme Court in the case of Shakeel Ahmed v. Syed Akhlaq Hussain in Civil Appeal No. 1598 of 2023 dated 01.11.2023 and argued that even registered POA could not be said the assessee would have acquired title over the property and made reference to section 17 and 49 of the Registration Act and section 54 of t....
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....he position for interpretation of the word 'a residential house' to the effect that it may include more than one or plural residential houses. He further submits that the location of newly purchased house(s) by the HUF out of sale consideration received on the sale of capital asset or a residential house in the given circumstances of availability of such residential house as per the requirement of the HUF will not alter the position and interpretation of provisions under section 54 of the Act. 9. Heard both the parties and perused the material available on record. We note that the facts remain admitted that the assessee had two properties one is residential property at Poe's Garden and the other is commercial property at Egmore. The assess....
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....es Pvt. Ltd. (supra) clearly held that the transaction of GPA does not convey any title nor create any interest in an immovable property and that the transfer under GPA as concluded transfer is not good in law. By taking same principle to the present case in hand, as discussed above, the son of the assessee as Co-Parcener got GPA to deal with the property as per the terms and conditions therein with 3 persons and clause 15 of the said GPA clearly shows that no consideration or possession of the property given to the said Co- Parcener, who is son of the assessee HUF. Therefore, when there is no payment of consideration nor possession was given, it is not a transfer under law. Therefore, the finding of the ld. CIT(A) in confirming the view of....