S.54 Assessee to offer exemption claimed to tax on return of money given to builder

Suhas Vasantrao Joshi Vs DCIT (ITAT Ahmedabad) If an assessee booked a flat under self-finance scheme of DDA or any other similar situated institutions, then it would be construed that the assessee has fulfilled conditions enumerated in section 54 and would be entitled for the exemption. In the present case also the assessee has booked a flat in a scheme launched by PIPL. He has made payment through account payee cheque and that concern has issued receipt to him. Thus, in the assessment year 2009-10 case of the assessee falls within the ambit of section 54, because the assessee has purchased a...