Section 54 Deduction Allowed if Construction Begins Within 3 Years: ITAT Bangalore

Vadagur Narayanappa Premachandrac Vs ACIT (ITAT Bangalore) ITAT Bangalore held that the assesse is entitled to claim deduction u/s. 54 of the Act if the assesses able to establish the fact that the construction was commenced within the period prescribed of 3 years under the Income Tax Act. Facts- The assesses along with the other co-owners had entered into a Joint Development Agreement (JDA) on 11/03/2021 with the builder M/s. Balaji Constructions and handed over the land to the extent of 1,35,461 ft. for the development and construction of flats. The assesses had arrived the sale consideratio...