https://www.taxtmi.com/caselaws?id=63447 The Tribunal ruled in favor of the assessee, allowing the deduction claimed under section 54 of the Income-tax Act, 1961. The Tribunal held that the assessee had purchased a new residential house within the required timeframe, meeting the conditions for exemption under section 54(1). The Tribunal emphasized that physical possession and control of the property were sufficient for claiming the deduction, rejecting the contention that ownership transferred only upon registration of the sale deed. The appeal was accepted, overturning the decisions of the AC and CIT (Appeals). en-us Wed, 27 Jan 1993 00:00:00 +0530 Tue, 22 Feb 2011 14:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63447 The Tribunal ruled in favor of the assessee, allowing the deduction claimed under section 54 of the Income-tax Act, 1961. The Tribunal held that the assessee had purchased a new residential house within the required timeframe, meeting the conditions for exemption under section 54(1). The Tribunal emphasized that physical possession and control of the property were sufficient for claiming the deduction, rejecting the contention that ownership transferred only upon registration of the sale deed. The appeal was accepted, overturning the decisions of the AC and CIT (Appeals). Case-Laws Income Tax Wed, 27 Jan 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63447