[aaykarbhavan] SC: No denial of Sec.54 relief for non-execution of sale deed within time if assessee was thwarted doing so by court

No denial of Sec.54 relief for non-execution of sale deed within time if assessee was thwarted doing so by court

July 3, 2014[2014] 46 taxmann.com 300 (SC)

IT : Where assessee having executed an agreement to sell in respect of a house property, purchased a new residential property within one year from date of agreement to sell, in view of fact that subsequently sale deed could not be executed within prescribed time for reason that assessee had been prevented from dealing with said residential house by an order of a competent court, a valid 'transfer' took place within meaning of section 2(47) by executing agreement to sell and, consequently, relief under section 54 was to be granted to assessee in respect of purchase of new residential property

 

Regards

Prarthana Jalan

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Posted by: Prarthana Jalan <prarthanajalan@ymail.com>

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