https://www.taxtmi.com/caselaws?id=429271 The Tribunal allowed the assessee's appeal regarding the disallowance of deduction under section 54 of the Income Tax Act. It held that the date of possession of the new asset should be considered as the date of purchase, entitling the assessee to the deduction. The Assessing Officer was directed to grant the deduction as claimed, resulting in the appeal being allowed. en-us Tue, 18 Oct 2022 00:00:00 +0530 Thu, 20 Oct 2022 10:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=429271 The Tribunal allowed the assessee's appeal regarding the disallowance of deduction under section 54 of the Income Tax Act. It held that the date of possession of the new asset should be considered as the date of purchase, entitling the assessee to the deduction. The Assessing Officer was directed to grant the deduction as claimed, resulting in the appeal being allowed. Case-Laws Income Tax Tue, 18 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=429271