VIJAY ISRANI,NEW DELHI vs ACIT, CIRCLE-24(1), NEW DELHI

IN THE INCOME TAX APPELLATE TRIBUNAL DELHI BENCH 'F': NEW DELHI

BEFORE SHRI MAHAVIR SINGH, VICE PRESIDENT AND SHRI S. RIFAUR RAHMAN, ACCOUNTANT MEMBER

ITA No.4591/Del/2019 Assessment Year: 2011-12

Shri Vijay Israni, S-12, Green Park Main, New Delhi – 110 016. PAN: AABPI1192E. (Appellant) Vs. Assistant Commissioner of Income Tax, Circle-24(1), New Delhi.

(Respondent)

Appellant by : Shri T. Sivakumar and

Ms. Sanjana, Advocates.

Respondent by : Ms. Harpreeet Kaur Hansra,

Senior DR.

Date of hearing : 24.02.2025 Date of pronouncement : 24.02.2025

ORDER

PER MAHAVIR SINGH, VP

This appeal by the assessee is arising out of the learned CIT(A)-31, New Delhi in appeal No.02/17-18/195/14-15, order dated 13.03.2019. Assessment was framed by the ACIT, Circle-24(1), New Delhi for assessment year 2011-12 under Section 143(3) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act') vide his order dated 28.03.2014.

The first issue in this appeal of the assessee is as regards the order of the learned CIT(A) confirming the addition made by the Assessing Officer at ₹66 lakhs being difference in consideration paid for purchase of property. For this, assessee has raised the following ground No.1:-

Property | Amount | Date | Ch.No./RTGS | Amount | Bank | A/C No. No. | Name V-36 | 81,00,000.00 | 14.6.10 | 337390 | 50,00,000.00 | HDFC | 05032020001144 23.7.10 | 997406 | 16,00,000.00 | Axis | 015010200001670 14.6.10 | 337379 | 15,00,000.00 | HDFC | 05032020001144 81,00,000.00

Gurgaon in the year 1997 and sold the same almost after 14 years i.e., on 04.08.2010 and this property is kept as investment and not as stock in trade. As the facts reveal, we are of the view that this property is purchased as investment and kept by the assessee for long term basis. Hence, the assessee has rightly claimed the investment as long term capital gain and claimed the same as exempt for purchase another property i.e. D-9, Soami Nagar, New Delhi vide sale deed dated 04.08.2010. The facts explained by the assessee are very clear and we are of the view that assessee is eligible for claim of exemption under Section 54 of the Act. Accordingly, we allow this ground of appeal.

In the result, the appeal of the assessee is allowed.

Decision pronounced in the open Court on conclusion of hearing on $24^{\text{th}}$ February, 2025.

Sd/-

(S. RIFAUR RAHMAN) ACCOUNTANT MEMBER

(MAHAVIR SINGH) VICE PRESIDENT

VK.

Copy forwarded to: -

- 1. Appellant - 2. Respondent - 3. CIT - 4. CIT(A) - 5. DR, ITAT

Assistant Registrar

VIJAY ISRANI,NEW DELHI vs. ACIT, CIRCLE-24(1), NEW DELHI