Section 54 deduction allowable on Purchase of house subsequent to Purchase of land for construction

Shri Dharamchand Bafna Vs ITO (ITAT Bangalore)

The issue under consideration is whether deduction u/s 54 can be denied if assessee initially purchased land with a view to put up construction but later changed his mind and instead, purchased a residential house?

In the instant case, the deduction u/s.54 of the Act was denied to the Assessee, because the Assessee purchased a land with a view to put up construction on the same but did not do so instead purchased a residential

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