Mustansir I Thahasildar v. ITO

HEMANT SHRIDHAR PHATAK,MUMBAI vs. INCOME TAX OFFICER-35(1)(5) PRESENTLY-ITO-42(2)(3), MUMBAI

Bench: Shri Vikas Awasthy& Shri Amarjit Singh आअसं.267 एवं 268 /मुं/2023 ("न.व. 2013-14)

…/s. 54 of the Act for claiming exemption is that the assessee has within a period of three years after the date of transfer of long term capital asset has constructed one residential house in India. The Tribunal in the case of Mustansir I Thahasildar vs. ITO, 168 ITD 523(Mum) held that the acquisition of a new flat in a building under construction is akin to construction and not purchase of property for the purpose of claiming relief u/s. 54 of the Act. The possession of flat on completion was handed over to the assessee within a period of three years from the date of transfer of capital asset, hence, the conditi…

HEMANT SHRIDHAR PHATAK,MUMBAI vs. INCOME TAX OFFICER-35(1)(5) PRESENTLY-ITO-42(2)(3), MUMBAI

Bench: Shri Vikas Awasthy& Shri Amarjit Singh आअसं.267 एवं 268 /मुं/2023 ("न.व. 2013-14)

…/s. 54 of the Act for claiming exemption is that the assessee has within a period of three years after the date of transfer of long term capital asset has constructed one residential house in India. The Tribunal in the case of Mustansir I Thahasildar vs. ITO, 168 ITD 523(Mum) held that the acquisition of a new flat in a building under construction is akin to construction and not purchase of property for the purpose of claiming relief u/s. 54 of the Act. The possession of flat on completion was handed over to the assessee within a period of three years from the date of transfer of capital asset, hence, the conditi…

DY COMMISSIONER OF INCOME TAX-24(1), MUMBAI vs. BHAVESH SURENDRA SHAH, MUMBAI

In the result, the appeal of the revenue is dismissed

Bench: Shri Pramod Kumar, Vp & Shri Aby T. Varkey, Jm आयकर अपील सं/ I.T.A. No.998/Mum/2022 (निर्धारण वर्ा / Assessment Years: 2018-19) Acit-24(1) बिधम/ Bhavesh Surendra Shah Room No.601, Piramal 34/P, Laxmi Industrial Vs. Chambers, Jeejeebhoy Estate, New Link Road, Lane, Lalbaug, Parel, Andheri-W, Mumbai- Mumbai-400012. 400058. स्थधयी लेखध सं./जीआइआर सं./Pan/Gir No. : Aaeps0265M (अपीलार्थी /Appellant) .. (प्रत्यर्थी / Respondent) Assessee By: Mr. Dalpat Shah Revenue By: Mr. Chetan Kacha (Sr. Ar) सुनवाई की तारीख / Date Of Hearing: 01/09/2022 घोषणा की तारीख /Date Of Pronouncement: 22/09/2022 आदेश / O R D E R Per Aby T. Varkey, Jm: This Is An Appeal Preferred By The Revenue Against The Order Of The Ld. Commissioner Of Income Tax (Appeals)/Nfac, Delhi Dated 12.03.2022 For Ay. 2018-19. 2. The Grounds Of Appeal Of The Revenue Reads As Under: - “1. Whether On The Facts & In The Circumstances & In Law, The Ld. Cit(A) Erred In Allowing Deduction U/S 54(1) Of Rs.2,29,33,659/- Of The I. T. Act, 1961. 2. Whether On The Facts & In The Circumstances & In Law, The Ld. Cit(A) Erred In Not Appreciating The Fact That The Assessee Is Eligible For Deduction U/S 54(1) Of The I. T. Act, 1961 Provided The Assessee Invests In A New Capital Asset Within A Period Of One Year Before Or Two Years After The Date Transfer Of Old House, The Taxpayer Should Acquire Another Residential House Or Should Construct A Residential House Within A Period Of Three Years From The Date Of Transfer Of The Old House.

…llowable on the entire cost of construction paid by the assessee. For that proposition the following decisions was brought to our notice: (i) CIT v Mrs. Hilla J B Wadia 69 Taxman 114 (Bom) 7 A.Y. 2018-19 Bhavesh Surendra Shah (ii) Mustnsir I Tehsildar v ITO 168 ITD 523 (Mum) (iii) CIT v Smt. Sundar Kaur Sujan Singh 3 SOT 206 (Mum) (iv) Kishor H Galaiya v ITO 137 ITD 229 (Mum) Thus, we note that in this case, the condition provided u/s 54 (1) regarding construction of a new house that it should be completed within three years from date of transfer of old house, have been fulfilled; and further we note that there…

SMT.MANJU MAHENDRA GOYAL,MUMBAI vs. INCOME TAX OFFICER 19(2)(3), MUMBAI

The appeal of the assessee is partly allowed

Bench: Shri Joginder Singh, Assessment Year: 2012-13 Smt. Manju Mahendra Goyal Income Tax Officer-19(2)(3), A/802, Surya Apartments, Room No.2018, Matru बनाम/ 53, Bhulabhai Desai Road, Mandir, Tardeo Road, Vs. Mumbai-400026 Mumbai-400007 "नधा"रती / Assessee राज"व / Revenue P.A. No.Aafpg2990N

…आयकर अपील"य अ"धकरण,‘एक-सद"य’ "यायपीठ,मुंबई। IN THE INCOME TAX APPELLATE TRIBUNAL MUMBAI BENCHES “SMC”, MUMBAI "ी जो"ग"दर "संह, "या"यक सद"य, के सम" Before Shri Joginder Singh, Judicial Member, Assessment Year: 2012-13 Smt. Manju Mahendra Goyal Income Tax Officer-19(2)(3), A/802, Surya Apartments, Room No.2018, Matru बनाम/ 53, Bhulabhai Desai Road, mandir, Tardeo Road, Vs. Mumbai-400026 Mumbai-400007 "नधा"रती / Assessee राज"व / Revenue P.A. No.AAFPG2990N None "नधा"रती क" ओर से / Assessee by Shri S.K. Bepari-DR राज"व क" ओर से / Revenue by 08/10/2018 सुनवाई क" तार"ख / Date of Hearing 08/10/2018 आदेश क" तार"ख /Date…