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2019 (3) TMI 161 - AT - Income TaxExemption u/s 54 - assessee purchased the new residential house within the time period stipulated in Sec.54 - assessee after purchasing the property was either not put into the possession of the same by the seller or had not taken the possession of the same for any other reason - HELD THAT:- We are unable to find ourselves in agreement with the observation of the A.O that in case where an assessee had purchased a residential house within the time period envisaged under Sec.54, but had not taken possession of the same within the said period, he would for the said reason stand disentitled for claim of exemption under the said statutory provision. We are of a strong conviction that as the assessee in the case before us had purchased the new residential house within the time period stipulated in Sec.54 i.e within a period of two years after the date on which the old residential hose had been transferred, thus she was duly entitled for claim of exemption under the said statutory provision. The mere fact that the assessee after purchasing the property was either not put into the possession of the same by the seller or had not taken the possession of the same for any other reason, would in no way adversely affect her entitlement towards claim of exemption under the said statutory provision. The fact that the assessee had purchased the new residential house vide registered agreement dated 06.06.2012 i.e within the stipulated period of 2 years from the date on which the old residential house was sold by her on 14.11.2011 is not in dispute before us - the assessee had duly complied with the requisite conditions contemplated in Sec.54 , hence her claim of exemption under the said statutory provision was well in order - Decided in favour of assessee.
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