Purchase+of+new+flat+-+Section+53A+of+Transfer+of+Property+Act,+1882.

Assessee sold a building on and claimed deduction under section 54 in respect of capital gain arising on sale of building as he has invested in a new flat on i.e. with in one year from date of transfer of building. Assessing Officer was of the view that as registration of transfer deed of building was dated hence, claim under section 54 was denied. The Tribunal held that buyer had performed their part of their obligation as on , in such a situation, mere non registration of transfer deed would not change date of transfer of building to Tribunal held that assessee was entitled to deduction under section 54. (A. Y ). – Sureshchandra Agarwal v. ITO (2011) 48 SOT 210 (Mum.)(Trib.)