SHASHANK MERCHANT,ANDHERI WEST, MUMBAI vs. INCOME TAX OFFICER, CIRCLE 26(1), MUMBAI

ITA 7525/MUM/2025Status: DisposedITAT Mumbai06 March 2026AY 2017-18Bench: SHRI ANIKESH BANERJEE (Judicial Member), SHRI ARUN KHODPIA (Accountant Member)1 pages
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What did the Tribunal hold?

The Tribunal held that the relevant date for determining the acquisition of the new property is the date of possession, not the date of registration or agreement. The assessee took possession of the new property within the prescribed period relative to the sale of the old property.

What were the facts?

The assessee sold a residential property and claimed a deduction under Section 54 for the purchase of a new residential property. The Assessing Officer (AO) disallowed the deduction, stating the new property was not acquired within the stipulated period.

What were the issues?

Whether the new residential property was acquired within the time frame stipulated by Section 54 of the Income Tax Act, considering the date of possession versus the date of registration/agreement.

Which sections of the Income-tax Act were involved?

Section 54,Section 54F,Section 143(3),Section 250

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Cases cited in this judgment(2)Show list

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Income Tax Appellate Tribunal, “G” BENCH, MUMBAI

For Appellant: Shri Piyush Chhajed, C.A. & Shri Veetrag Chhajed – CA, Shri Sanjeev Bhagat – Sr. AR
Hearing: 04/03/2026Pronounced: 06/03/2026

Per Anikesh Banerjee, JM: The instant appeal of the assessee was preferred against the order of the National Faceless Appeal Centre (NFAC), Delhi (for brevity the “Ld. CIT(A)”), order passed u/s. 250 of the Income Tax Act, 1961 (further for brevity, “the Act”) for Assessment Year 2017-18, date of Order 30/07/2025. The impugned Order emanated from the order of the Ld. Assistant Commissioner of the Income Tax, Circle 25(1), Mumbai, order passed u/s. 143(3) of the Act, date of the order 16/12/2019. 2. Brief facts of the case are that the assessee filed the return of income declaring a total income of Rs. 2,03,91,960/-, which was processed under section 143(1) of t

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