Deduction u/s 54 allowed even if new house bought before asset sale using other funds. Construction start date irrelevant.

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....Assessee is eligible for deduction u/s 54, even if new residential house is purchased within one year before transfer of capital asset, utilizing funds other than sale consideration of house sold. It is not mandatory to utilize only sale consideration for purchasing or constructing new residential house. Date of start of construction is irrelevant, only date of completion of constructed residential house habitable for residence is considered. Assessee is entitled to claim exemption u/s 54 where return is filed belatedly u/s 139(4), relying on cited judicial precedents. Appellate Tribunal directed Assessing Officer to grant deduction and delete addition made by him, allowing assessee's ground of appeal.....