Section 54 exemption eligible on Expense for making house habitable

Advertisement Hiren Himmatsingh Rathod Vs ITO (ITAT Ahmedabad) It is a fact that the assessee had incurred the cost for making the new property inhabitable before taking over possession of the same but considering the provision of the act we do not find any embargo in granting relief to the assessee under Section 54 of the Act. Bonafide expenses incurred for making the new house habitable though prior to possession but before the completion of the time limit prescribed is found to be allowable. We have further considered the judgement passed by the Coordinate Bench in the matter of Shriniwa...