Mere allotment letter from builder not sufficient to claim benefit of section 50

M/s. Magmo Textiles Equipment Pvt.Ltd. Vs ITO (ITAT Mumbai) In our opinion,to claim benefit of section 50 of the Act ,issuance of an allotment letter from a builder or developer is not sufficient.On 09.02.2011,the assessee had made payment of Rs.44.01 lakhs. Second installment was to paid on completion of first floor.It means at the time of making the payment the asset in question was not existing.It is said that deeming provisions had to be construed strictly.Courts are of the opinion that the language of a taxing statute should ordinarily be read and understood in the sense in which it is ha...