https://www.taxtmi.com/caselaws?id=119453 Section 54 exemption on purchase of a new residential flat depends on the new house being acquired within the prescribed time and on reliable proof of the relevant possession date. Here, the assessee relied on an allotment arrangement and payments made before transfer of the original flat, but the evidence did not establish a clear and dependable date of possession within the statutory period. The readiness of the flat for occupation and the effect of possession in part performance under section 2(47)(v) read with section 53A were noted, yet the later possession letter was not treated as determinative. The section 54 requirement was therefore not met, and the exemption was denied. en-us Mon, 14 May 2007 00:00:00 +0530 Wed, 11 Jul 2012 11:45:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=119453 Section 54 exemption on purchase of a new residential flat depends on the new house being acquired within the prescribed time and on reliable proof of the relevant possession date. Here, the assessee relied on an allotment arrangement and payments made before transfer of the original flat, but the evidence did not establish a clear and dependable date of possession within the statutory period. The readiness of the flat for occupation and the effect of possession in part performance under section 2(47)(v) read with section 53A were noted, yet the later possession letter was not treated as determinative. The section 54 requirement was therefore not met, and the exemption was denied. Case-Laws Income Tax Mon, 14 May 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=119453