2026 (3) TMI 1737

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....Act, 1961, [in short 'the Act'] for the A.Y. 2017-18. 2. In the instant case, as per the information to the effect "that the Assessee has not filed his return of income for the Assessment Year under consideration, however, has purchased an immovable property on 16.02.2017 for a consideration of Rs. 36,00,000/-. Stamp duty value of the said property as per stamp duty valuation authority, has been determined according to the SRO at Rs.67,56,275/- and thus the provision of section 56(2)(vii)(b) of the Act, attracts in the case", the case of the Assessee was reopened u/s 147 of the Act by issuing a notice u/s 148 of the Act. 3. Thereafter, the Assessing Officer issued further notice u/s 148(A)(b) of the Act and also passed an order u/s 14....

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....ently, the Assessee paid the remaining amount in installments, such as detailed below:- Sr. No. Date Amount Mode Remarks 1. 20 Jul 2008 10,00,000 Cheque Down payment on allotment 2. 4 Feb 2013 5,00,000 RTGS First installment 3. 30 Apr 2013 5,00,000 RTGS Second installment 4. 28 May 2013 5,00,000 RTGS Third installment 5. 21 Sep 2013 5,00,000 RTGS Fourth installment 6. 11 Jun 2014 5,00,000 Cheque Fifth installment Total 36,00,000     7. Subsequently, on dated 16.02.2017 an agreement for sale was executed between the builder and the Assessee acknowledging the aforesaid amount of Rs.36,00,000/- and the property unde....

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....udgment on the issue under consideration, has held that the allottee gets title to the property on the issue of allotment letter and the payment of installments and delivery of possession are just an follow up action and formality. 10. Therefore, the date of allotment is paramount for considering the deduction claimed u/s 54 of the Act, and possession of the property has ipso-facto, no major effect on the claim u/s 54 of the Act. 11. We further observe the Hon'ble Coordinate Bench of the Tribunal in the case of Dharmesh Ramesh Jhaveri V. Assistant/Deputy Commissioner of Income-tax (2024) 169 taxmann.com 662 (Mumbai - Trib) [04-12-2024] had also considered the identical case, wherein the Assessee had purchased a flat from a builder, wh....