Section 54 – Date of Possession Vs. Date of Sale Deed

K.S. Hanumantha Rao Vs PCIT (ITAT Bangalore) According to the CIT, the assessee was not entitled to claim for deduction u/s 54 of the I.T.Act amounting to Rs.48,81,963 for the investment made in new asset, since the investment in the new asset was made one year prior to the date of sale of the original asset. T As mentioned in CIT’s order (para 5), the window of purchase of new asset available to the assessee and his wife is from 24.05.2011 to 24.05.2014. The CIT considered the absolute sale deed dated 06.04.2011 as the date of purchase of new assets. Therefore, according to the CIT, the pu...