https://www.taxtmi.com/caselaws?id=19742 HC held that for exemption under s.54(1), "purchase" does not require completion of legal transfer or registration under the Transfer of Property Act within the prescribed period. What is material is that the assessee obtains domain, control, and possession of the residential property and applies it for dwelling, pursuant to payment of consideration. Since the assessee had paid the entire consideration, obtained possession of the flat, and actually used it for residence within four months, the conditions of s.54 were satisfied. HC held no substantial question of law arose and upheld the Tribunal's order denying reference. en-us Tue, 17 Dec 1991 00:00:00 +0530 Tue, 09 Dec 2025 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19742 HC held that for exemption under s.54(1), "purchase" does not require completion of legal transfer or registration under the Transfer of Property Act within the prescribed period. What is material is that the assessee obtains domain, control, and possession of the residential property and applies it for dwelling, pursuant to payment of consideration. Since the assessee had paid the entire consideration, obtained possession of the flat, and actually used it for residence within four months, the conditions of s.54 were satisfied. HC held no substantial question of law arose and upheld the Tribunal's order denying reference. Case-Laws Income Tax Tue, 17 Dec 1991 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19742