{"id":29854,"date":"2022-09-17T18:59:14","date_gmt":"2022-09-17T13:29:14","guid":{"rendered":"https:\/\/itatonline.org\/digest\/uday-lad-v-acit-2022-the-chambers-journal-may-p-81-mum-trib\/"},"modified":"2022-09-17T18:59:14","modified_gmt":"2022-09-17T13:29:14","slug":"uday-lad-v-acit-2022-the-chambers-journal-may-p-81-mum-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/uday-lad-v-acit-2022-the-chambers-journal-may-p-81-mum-trib\/","title":{"rendered":"Uday Lad v. ACIT ( 2022) The Chamber\u2019s Journal -May \u2013 P. 81 ( Mum ) ( Trib)"},"content":{"rendered":"<p>The assessee sold a\u00a0 residential house on 27 -12 -2012 . The\u00a0 agreement of the new residential house was entered on 29 -10-2011 and the possession was received on 6- 1 -2012 . The assessee claimed the deduction u\/s 54 of the Act . The AO rejected the claim on the ground that the agreement was entered in to on 29 -10 -11 (i.e.one year before the date of sale \/ transfer of the old residential house ). Order of the AO was affirmed by the CIT(A) . On appeal the Tribunal held that\u00a0 agreement was entered on 29 -10 -2011 and the substantial payment was made on same day however\u00a0 the possession was received on 6-1-2012\u00a0 which fell within a period of one year before the date of transfer of the residential house (i.e. 27 -12 -2012). The appeal was allowed . Referred D.M .Dujod v.ITO ( ITA No. 4554\/ Bom\/1986 ) ( ITA NO. 6735 \/ 2019\u00a0 dt. 19 -4 -2022)( AY. 2012 -13 ) \u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n<p>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 54 : Capital gains &#8211; Profit on sale of property used for residence \u2013 Date of possession &#8211; Date of purchase is the date on which a residential house becomes ready for exemption [ S. 45 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-29854","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-7Lw","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29854","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=29854"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29854\/revisions"}],"predecessor-version":[{"id":29855,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/29854\/revisions\/29855"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=29854"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=29854"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=29854"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}