https://www.taxtmi.com/caselaws?id=260795 The Tribunal partly allowed the Revenue's appeal, granting the assessee a deduction under Section 54F for Rs. 55,40,625 utilized within the stipulated period. It upheld the CIT(A)'s decision to allow the claim under Section 54F despite the initial claim being made under Section 54, recognizing the lessee's rights as equivalent to ownership for the deduction. The Tribunal emphasized that substantial steps towards ownership or construction suffice, even if completion is after the stipulated period. en-us Wed, 20 May 2015 00:00:00 +0530 Wed, 24 Jun 2015 09:56:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=260795 The Tribunal partly allowed the Revenue's appeal, granting the assessee a deduction under Section 54F for Rs. 55,40,625 utilized within the stipulated period. It upheld the CIT(A)'s decision to allow the claim under Section 54F despite the initial claim being made under Section 54, recognizing the lessee's rights as equivalent to ownership for the deduction. The Tribunal emphasized that substantial steps towards ownership or construction suffice, even if completion is after the stipulated period. Case-Laws Income Tax Wed, 20 May 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=260795