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2013 (10) TMI 601 - AT - Income TaxDeduction u/s 54 - Procurement of new flat within 2 years of sale of land - A.O. disallowed deduction - Held that:- developer was not entitled to enter into any agreement of sale in respect of the share of the assessee. Accordingly, the CIT(A) agreed with the contention of the assessee that agreement in substance was an agreement for construction of residential and other properties. Therefore, a period of 3 years was available to the assessee to take possession of the residential house. It is apparent that assessee was in possession of this property before 31.05.2007 i.e., before a period of three years from date of transfer of property at H.No.4-3-540 as according to the assessment order, telephone got installed on 07.12.2006 and Passport to one of the assessee's nephew was issued on 08.02.2007, i.e., before three years from the date of transfer of original asset. Therefore, the assessee fulfilled the condition in respect of construction of residential house within a period of three years from date of transfer of the original asset - Following decision of CIT vs. Mrs.Shahzada Begum [1988 (3) TMI 39 - ANDHRA PRADESH High Court] - Decided against Revenue.
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