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ITAT Allows Section 54 Deduction despite Registration Delay as Payments Made in Time
Case Law Details
- Case Name
- Indihaf Jamal Mohamed Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chennai
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Indihaf Jamal Mohamed Vs ITO (ITAT Chennai)
Registration Delay Not Fatal: Builder’s Delay Can’t Deny 54 Deduction- ITAT Says 54 Allowed If Payments Made in Time
Assessee, a retired Assistant Registrar, sold his residential house on 16.09.2015 for Rs.60 lakh & claimed deduction u/s 54 after reinvesting Rs.48,00,114 in a flat at “Lake Dugar”, Ambattur. AO denied the claim solely because the registration of the new flat occurred on 24.01.2019—beyond one year—stating that “transfer has not taken place” within the stipulated time. FAA passed an ex-parte order up...
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