Ownership by registered deed not mandatory to claim section 54/54F exemption

Shri Basheer Noorullah Khan Vs CIT (ITAT Bangalore) The Hon’ble Delhi High Court came to the conclusion that for applying the provisions of section 54F of the IT Act, it is not necessary that the assessee should become the owner of the property because section 54 of the said Act speaks of purchases. The Hon’ble Delhi High Court in that case followed the judgment of Hon’ble Apex Court rendered in the case of CIT Vs. T.N. Aravinda Reddy as reported in [1979] 120 ITR 46 wherein it was held that the word ‘purchase’ occurring in section 54(1) of the IT Act had to be given its common meani...