Exemption u/s 54F was allowable even though balance payment of consideration for purchase of residential house was made by third-Party

Allauddin Noormohamed Kadiwala Vs ITO (ITAT Mumbai) Conclusion: Exemption under section 54F was allowable even if balance amount for the purchase of a residential flat was paid by third party instead of assessee in the absence of any material which could dispute the fact that assessee purchased a flat within a period of one year, from surrender of tenancy/possessory rights, there was no merit in restricting the deduction claimed under section 54F. Held:  In the present case, assessee was a member of the society. A Joint Development Agreement was entered into with M/s. Delta Venture for the d...