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Income Tax Appellate Tribunal, “B” BENCH, MUMBAI
Before: SHRI JOGINDER SINGH & SHRI D. KARUNAKARA RAO
सुनवाई की तायीख / Date of Hearing : 15.09.2016 घोषणा की तायीख /Date of Pronouncement : 11.11.2016 आदेश / O R D E R
PER D. KARUNAKARA RAO, AM:
This appeal filed by the assessee on 213.2013 is against the order of the CIT (A)-34, Mumbai dated 9.1.2013 for the assessment year 2006-07. In this appeal, assessee raised the following ground which reads as under:- “On the facts and circumstances of the case and in law, the Ld AO erred in not allowing the exemption u/s 54 of the Act amounting to Rs. 3,85,476/- without understanding the facts and circumstances of the case and the reasons assigned for doing so are wrong & contrary to the provisions of the Income Tax Act and the Rules made there under.”
2. Briefly stated relevant facts of the case are that the assessee filed the return of income claiming deduction u/s 54 of the Act in respect of the capital gains earned on sale of flat. Assessee sold a flat on 24.3.2006 and purchased three different properties ie Flats No. 202; 203 and 204 in Neelkanth Apartment, Malad (W), Mumbai. As per the provisions, assessee is expected to invest the capital gains one year prior to the transfer of old asset or two years later to the date of transfer of assets. Assessee claimed deduction u/s 54 of the Act in respect of the Flat No.204, whose purchase value is Rs. 18.25 lakhs excluding other incidental charges such as stamp duty, registration and other charges. Flat No. 204, which is the subject matter of deduction u/s54, was purchased by the assessee vide purchase agreement dated