https://www.taxtmi.com/caselaws?id=376140 The case involved an appeal by the revenue against the CIT(A)'s decision granting exemption under Sec. 54 to the assessee despite not receiving possession of the new residential flat within the stipulated period. The ITAT upheld the CIT(A)'s decision, emphasizing that compliance with the conditions of Sec. 54 was sufficient for claiming exemption, regardless of possession or legal title transfer. The delay in possession was deemed beyond the assessee's control, and making payments to the builder within the prescribed time frame constituted a valid purchase under Sec. 54. en-us Wed, 27 Feb 2019 00:00:00 +0530 Mon, 04 Mar 2019 08:16:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=376140 The case involved an appeal by the revenue against the CIT(A)'s decision granting exemption under Sec. 54 to the assessee despite not receiving possession of the new residential flat within the stipulated period. The ITAT upheld the CIT(A)'s decision, emphasizing that compliance with the conditions of Sec. 54 was sufficient for claiming exemption, regardless of possession or legal title transfer. The delay in possession was deemed beyond the assessee's control, and making payments to the builder within the prescribed time frame constituted a valid purchase under Sec. 54. Case-Laws Income Tax Wed, 27 Feb 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=376140