Relevant date for allowing benefit U/s. 54 /54F

Shri Vembu Vaidyanathan Vs DCIT (ITAT Mumbai)

Left with the relevant date to decide in the facts of the case, the decision of the Tribunal in Purushottam Govind Bhat’;s case (supra) really comes to favour the assessee. In the said case, the assessee joined the society in 1977. He was allotted a flat and occupied the same on 1-1-1980. The Tribunal held, joining the society and paying the amounts cannot really amount to purchase of a house. On the contrary, allotment of the flat would certainly give the assessee certain specific obligations and righ

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