https://www.taxtmi.com/caselaws?id=379806 The Tribunal determined that the acquisition of an apartment under a builder's buyer agreement constituted a "purchase" of a new asset, not "construction." Additionally, it held that the assessee was eligible for deduction under Section 54F, even though construction of the new asset began before the sale of the original asset. The Tribunal overturned the lower authorities' decisions and instructed the Assessing Officer to allow the deduction of Rs. 79,85,761 to the assessee, ultimately ruling in favor of the assessee. en-us Tue, 30 Apr 2019 00:00:00 +0530 Tue, 18 Jun 2019 15:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=379806 The Tribunal determined that the acquisition of an apartment under a builder's buyer agreement constituted a "purchase" of a new asset, not "construction." Additionally, it held that the assessee was eligible for deduction under Section 54F, even though construction of the new asset began before the sale of the original asset. The Tribunal overturned the lower authorities' decisions and instructed the Assessing Officer to allow the deduction of Rs. 79,85,761 to the assessee, ultimately ruling in favor of the assessee. Case-Laws Income Tax Tue, 30 Apr 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=379806