Section 54 Deduction Allowed Due to Investment Within Time from Registered Deed Date

Vijay Krishnaji Sawant Vs ITO (ITAT Mumbai) The appeal before the Tribunal arose from an order passed by the National Faceless Appeal Centre for Assessment Year 2012–13. The case involved two primary issues: determination of the correct sale consideration under Section 50C of the Income-tax Act, 1961, and the assessee’s eligibility to claim deduction under Section 54. The assessee, an individual, had been allotted a residential flat in February 2004 and was given possession in the same year. Subsequently, in March 2005, the assessee entered into a Memorandum of Understanding (MOU) to sell ...