https://www.taxtmi.com/caselaws?id=756114 ITAT Mumbai allowed the assessee's appeal regarding LTCG deduction under section 54. The CIT(A)-NFAC had denied the deduction, concluding that the appellant failed to acquire a new residential flat within the mandatory one-year period before transfer. The ITAT held that for computing the limitation period under section 54, the relevant date should be determined based on payment of consideration and possession of the new house property, not merely the agreement date. Following judicial precedents from Bombay HC and various ITAT benches, the tribunal ruled in favor of the assessee, granting the section 54 deduction. en-us Thu, 25 Jul 2024 00:00:00 +0530 Fri, 26 Jul 2024 16:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756114 ITAT Mumbai allowed the assessee's appeal regarding LTCG deduction under section 54. The CIT(A)-NFAC had denied the deduction, concluding that the appellant failed to acquire a new residential flat within the mandatory one-year period before transfer. The ITAT held that for computing the limitation period under section 54, the relevant date should be determined based on payment of consideration and possession of the new house property, not merely the agreement date. Following judicial precedents from Bombay HC and various ITAT benches, the tribunal ruled in favor of the assessee, granting the section 54 deduction. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756114