Court Allows Section 54 Exemption Despite Delayed Encashment of Cheques for New House Purchase.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....Eligibility to relief u/s. 54 - disallowance on the ground that payment for purchase of new house property has not been made within one year from the date of transfer of original asset - where the cheques issued by the assessee before filing of ITR but encashed by the builder belatedly, there is no fault on the part of assessee - exemption allowed - AT....