https://www.taxtmi.com/caselaws?id=763967 ITAT Pune allowed the assessee's claim for deduction under section 54F despite AO's allegations of manipulation. The tribunal held that payment of Rs. 10.60 crores under MoU to housing corporation within stipulated period satisfied section 54F requirements, even though sale deed was executed after two years. The fact that assessee and family members were shareholders in the development concern did not disqualify the exemption claim, following precedents from Karnataka HC and SC rulings. en-us Mon, 30 Dec 2024 00:00:00 +0530 Tue, 31 Dec 2024 15:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763967 ITAT Pune allowed the assessee's claim for deduction under section 54F despite AO's allegations of manipulation. The tribunal held that payment of Rs. 10.60 crores under MoU to housing corporation within stipulated period satisfied section 54F requirements, even though sale deed was executed after two years. The fact that assessee and family members were shareholders in the development concern did not disqualify the exemption claim, following precedents from Karnataka HC and SC rulings. Case-Laws Income Tax Mon, 30 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763967