Deduction u/s 54 was allowable in case capital gains were utilized within time specified but sale deed was not registered

Dr. Sheela Puttabuddi Vs ITO (ITAT Bangalore)

Conclusion: Utilisation of capital gains within time specified would entitle assessee to claim deduction under section 54, notwithstanding fact that new asset was registered beyond period specified under section 54, which according to assessee was beyond her control and was to be liberally construed.

Held: Assessee was a Doctor by profession and had derived capital gains from sale of flat on various dates and assessee claimed exemption u/s

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