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Judgment
ORDER
This assesseee’s appeal for assessment year 2014-15, arises against the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre [in short, the “CIT(A)/NFAC”], Delhi’s DIN and order No. ITBA/NFAC/S/250/2025-26/1078128541(1), dated 02.07.2025 involving proceedings under section 147 r.w.s. 144 read with section 144B of the Income-tax Act, 1961 (hereinafter referred to as ‘the Act’).
Heard both the parties. Case file perused.
It transpires during the course of hearing that the assessee/appellant is aggrieved against both the learned lower authorities; action denying section 54 deduction to him to the tune of Rs. 35,18,715/- in assessment order dated 22.03.2022 as upheld in the lower appellate discussion.
The Revenue argue in this factual backdrop that given the fact that the assessee has been found to have executed corresponding buyers/agreement with the developer dated 07.09.2010 i.e. beyond specified buyer of two years preceding the date of his sale deed hearing dated 20.06.2013, his section 54 deduction claim has been rightly refused in both lower proceeding. I find no merit in the impugned disallowance made in both the lower proceedings. A perusal of the case like indicates that the even after the assessee had paid the entire reinvestment from 2012 to 2014, the concerned state government authorities granted permission to the builder only on 14.11.2017 finally culminating in the relevant conveyance deed in his favour on 26.07.2021. This tribunal is of the concerned view that all the foregoing delay on the developers part could not resulting denial of the assessed section 54 of the Act deduction going by (2024) 196 taxmann.com 618 (AHD) Kotari Sajnay Manilal vs. DCIT , CIT vs. Smt. R.S. Santa Kumari (2015) 60 taxmann.com 74 (Karnatka) and CIT vs. C.A. Sundaram vs, (2018) 407 ITR o1 (Madras) I accordingly accept the assessee’s section 54 deduction claim herein is very terms. Necessary computation shall follow as per law.
This assessee’s appeal is allowed in above terms.