Deduction U/s. 54 allowable on sale consideration invested one year before sale of property

2. The only issue arises for consideration is disallowance of exemption claimed by the assessee under section 54 of the Income Tax Act, 1961 (in short ‘the Act’).

3. Shri D. Anand, the learned counsel for the assessee, submitted that the assessee sold a flat at Eastern Wing Block No. B, 5th floor, BBC Spring Field Apartments, Old No. 5, EVK Sampath Road, Vepery, Chennai-7, for a total consideration of Rs.

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