https://www.taxtmi.com/caselaws?id=404088 The Tribunal allowed the appeal of the assessee, directing the AO to grant the deduction claimed under Section 54 of the Income Tax Act. It emphasized a broader and beneficial interpretation of Section 54, recognizing investments made within the extended period for filing returns under Section 139(4) and considering booking of flats with private builders as equivalent to construction for claiming exemption. The Tribunal held that the primary requirement for exemption under Section 54 is the investment in a new residential house within the prescribed period, not the completion of construction or receipt of possession. en-us Wed, 10 Feb 2021 00:00:00 +0530 Fri, 15 May 2026 16:30:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=404088 The Tribunal allowed the appeal of the assessee, directing the AO to grant the deduction claimed under Section 54 of the Income Tax Act. It emphasized a broader and beneficial interpretation of Section 54, recognizing investments made within the extended period for filing returns under Section 139(4) and considering booking of flats with private builders as equivalent to construction for claiming exemption. The Tribunal held that the primary requirement for exemption under Section 54 is the investment in a new residential house within the prescribed period, not the completion of construction or receipt of possession. Case-Laws Income Tax Wed, 10 Feb 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=404088