https://www.taxtmi.com/caselaws?id=752646 The ITAT Mumbai allowed the assessee's appeal for deduction under section 54 for LTCG. The assessee had entered into an agreement on 25/07/2009 for an under-construction property and received possession on 2/2/2011. The tribunal held that for under-construction properties, the date of possession when the property becomes inhabitable constitutes the date of purchase, not the agreement date. Following precedents including Akshay Sobti and Bastimal K Jain, the tribunal ruled that booking a bare shell constitutes construction, not purchase, and the completion date should be considered for section 54 purposes. The deduction was allowed as the possession date fell within the prescribed one-year window. en-us Mon, 13 May 2024 00:00:00 +0530 Tue, 14 May 2024 18:23:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752646 The ITAT Mumbai allowed the assessee's appeal for deduction under section 54 for LTCG. The assessee had entered into an agreement on 25/07/2009 for an under-construction property and received possession on 2/2/2011. The tribunal held that for under-construction properties, the date of possession when the property becomes inhabitable constitutes the date of purchase, not the agreement date. Following precedents including Akshay Sobti and Bastimal K Jain, the tribunal ruled that booking a bare shell constitutes construction, not purchase, and the completion date should be considered for section 54 purposes. The deduction was allowed as the possession date fell within the prescribed one-year window. Case-Laws Income Tax Mon, 13 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752646