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"Date of purchase" of a new residential house defined

Bastimal K Jain vs. ITO (ITAT Mumbai)

S. 54: The date of "purchase" of the new residential house is the date when the assessee receives possession and not the date of the agreement of purchase.

Note: The contrary view in ACIT vs. Sagar Nitin Parikh (ITAT Mumbai) was rendered without considering CIT vs. Smt. Beena K Jain 217 ITR 363 (Bom)

Article referred: http://itatonline.org/archives/bastimal-k-jain-vs-ito-itat-mumbai-s-54-the-date-of-purchase-of-the-new-residential-house-is-the-date-when-the-assessee-receives-possession-and-not-the-date-of-the-agreement/

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