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ITAT allowed assessee's appeal regarding exemption under Section 54. Assessee sold flats via agreement dated 9/1/2020 and purchased replacement property through agreement dated 18/03/2021, with consideration discharged by 12/3/2021. Lower authorities denied exemption alleging fund rotation and questioning real ownership. ITAT held assessee was real economic owner of original property, executed transactions in individual capacity, and received consideration in her bank account. Purchase consideration was discharged within stipulated two-year timeframe under Section 54. Tribunal found AO failed to consider prior transactions where assessee parked funds in fixed deposits pending tax clearance. Since replacement property purchase occurred within prescribed period after original asset transfer, Section 54 exemption was validly claimed and allowed.
ITAT allowed assessee's appeal regarding exemption under Section 54. Assessee sold flats via agreement dated 9/1/2020 and purchased replacement property through agreement dated 18/03/2021, with consideration discharged by 12/3/2021. Lower authorities denied exemption alleging fund rotation and questioning real ownership. ITAT held assessee was real economic owner of original property, executed transactions in individual capacity, and received consideration in her bank account. Purchase consideration was discharged within stipulated two-year timeframe under Section 54. Tribunal found AO failed to consider prior transactions where assessee parked funds in fixed deposits pending tax clearance. Since replacement property purchase occurred within prescribed period after original asset transfer, Section 54 exemption was validly claimed and allowed.
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