Section 54 deduction allowable on Purchase of house subsequent to Purchase of land for construction

Shri Dharamchand Bafna Vs ITO (ITAT Bangalore) The issue under consideration is whether deduction u/s 54 can be denied if assessee initially purchased land with a view to put up construction but later changed his mind and instead, purchased a residential house? In the instant case, the deduction u/s.54 of the Act was denied to the Assessee, because the Assessee purchased a land with a view to put up construction on the same but did not do so instead purchased a residential house property. ITAT states that, the provisions of Sec.54(1) give two options, viz., (i) purchase of a residential house ...