2025 (9) TMI 1380

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....04/Del/2019, which pertains to Assessment Year 2016-17, whereby the Tribunal has dismissed the appeal filed by the appellant herein by stating the following in paragraph 3 onwards: "3. The assessee pleads the following substantive grounds in the instant appeal: "1. On the facts and Circumstances of the case and in law the Ld CIT (Appeals) was incorrect and unjustified in making a addition of Rs. 412812.00 in Long Term Capital Gain on the ground that as the builder buyer done from financial year 2010-2011 though the flat payments were being made since April 2007. 2. That having regard to the facts and circumstances of the case, Ld. CIT (A) has erred in law and on facts in making a addition of Rs. 4,12,812.00 on acc....

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....bove agreement i.e. on 19 .07.2010. 6. It is in this factual backdrop that the assessee's case before us is that the impugned indexation benefit ought to be granted from F.Y. 2007-08 as against the Revenue's arguments placing reliance on Gulshan Malik vs. CIT (2014) 223 taxman.com 243 (Delhi) that the clinching date ought to be that of the builder/buyer agreement only. We observed from the documents placed on record that the assessee was provisionally allotted flat on 21.09.2007 by the builder and subsequently the assessee modified the provisional allotment of above flat with another flat, which is confirmed by the builder vide letter dated 13.11.2009. Even the new flat was also allotted provisionally vide above said letter dated 1....

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....roject drawn by us, we allot to you Apartment No.504, on FIFTH FLOOR in SPEAR PALM-B TOWER, having a super area of approximately 157.94 Sq.mtrs./1700 sq. ft. in "Omaxe Palm Greens". The allotment is in accordance with the terms and conditions contained in the application form. A detailed allotment letter containing the terms and conditions will be executed soon. We thank you for reposing faith in us and we assure you the best of our services at all times. Thanking you, Yours truly, For OMAXE BUILDHOME PVT. LTD." 3. It appears that pursuant to the booking of a flat in Greater Noida, the appellant had requested for a change of allotment to a different project in Faridabad. In accordance thereof, a Cancel....

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.... under section 271(1)(c)." 5. The ITAT has relied upon the judgment of this court in Gulshan Malik vs. CIT (2014 ) 223 taxman.com 243 (Delhi) to reject the appeal filed by appellant. 6. The submission of Mr. Mahana is primarily that the allotment of flat gives a right in favour of the appellant in respect of that property and hence the addition in the manner done is unjustified. He also states that the change of project from Greater Noida to Faridabad is in continuance of the allotment letter initially issued on 21.09.2007 and as such the benefit of the same could not have been denied to the appellant from that AY 2007-2008. He states that the judgment as relied upon by the Tribunal is clearly distinguishable on facts. 7. On the ot....