Section 54 exemption cant be denied for delayed cheque deposit by builder

The appeal filed by the Revenue is directed against the order dated 30.3.3015 passed by the learned CIT(A)-55, Mumbai and it relates to A.Y. 2012- 13.

2. The Revenue is aggrieved by the decision of the learned CIT(A) in granting relief u/s. 54 of the Act, which was partially rejected by the AO.

3. Facts relating to the issue are stated in brief. The assessee sold an immovable property on 2.8.2011 for a sum of Rs. 1.60 crores. The assessee purchased another residential house prop

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