https://www.taxtmi.com/caselaws?id=269195 The Tribunal allowed the appeal filed by the revenue, holding that the assessee did not meet the requirements under Section 54 of the Income Tax Act for claiming a deduction. The Tribunal determined that booking a flat with a builder, where possession is received after construction, constitutes "construction" rather than "purchase," thus denying the deduction. The decision upheld the Assessing Officer's denial of the deduction and set aside the earlier order, emphasizing the importance of distinguishing between "purchase" and "construction" for claiming deductions under Section 54. en-us Wed, 03 Jun 2015 00:00:00 +0530 Thu, 10 Dec 2015 08:24:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=269195 The Tribunal allowed the appeal filed by the revenue, holding that the assessee did not meet the requirements under Section 54 of the Income Tax Act for claiming a deduction. The Tribunal determined that booking a flat with a builder, where possession is received after construction, constitutes "construction" rather than "purchase," thus denying the deduction. The decision upheld the Assessing Officer's denial of the deduction and set aside the earlier order, emphasizing the importance of distinguishing between "purchase" and "construction" for claiming deductions under Section 54. Case-Laws Income Tax Wed, 03 Jun 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=269195