Section 54 deduction should be Reckoned from Date of Possession Handover by Builder

Sunil Amritlal Shah Vs ITO (IT) (ITAT Mumbai) Appeals Overview: Both Mr. Sunil A Shah (ITA No. 4069/M/2023) and Mrs. Rita Sunil Shah (ITA No. 4070/M/2023), spouses, filed appeals against the assessment orders passed on October 3, 2023. These orders denied their claims for exemption under Section 54 of the Income Tax Act, 1961, determining the total income of each appellant at ₹3,597,395.Both assessment orders were nearly identical, leading to a consolidated hearing and decision. Property Transactions: The appellants sold a jointly owned flat (Flat No. 1802, Fiona, Hiranandani Estate, Ghodbun...