https://www.taxtmi.com/caselaws?id=216088 Deduction under section 54 was available where a new residential flat was booked while under construction and possession was received after completion. Execution of the booking agreement did not complete the acquisition because the flat did not exist in a completed form on that date. The relevant acquisition event was payment of consideration and receipt of possession after construction. Substantial payments made during the relevant period and consistent acceptance of an identical claim by a co-owner supported the treatment. Consequently, disallowance of the section 54 deduction was unsustainable. en-us Fri, 08 Jun 2012 00:00:00 +0530 Sat, 25 Aug 2012 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216088 Deduction under section 54 was available where a new residential flat was booked while under construction and possession was received after completion. Execution of the booking agreement did not complete the acquisition because the flat did not exist in a completed form on that date. The relevant acquisition event was payment of consideration and receipt of possession after construction. Substantial payments made during the relevant period and consistent acceptance of an identical claim by a co-owner supported the treatment. Consequently, disallowance of the section 54 deduction was unsustainable. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216088