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2022 (11) TMI 1115 - ITAT PUNEDeduction u/s 54 - assessee is not eligible for the impugned deduction since she had purchased the house property in issue which falls beyond the prescribed time of one year before her sale deed - HELD THAT:- A perusal of the assessee’s undisputed purchase agreement re-investment document dated 14.12.2011 makes it clear that only 10% of the total purchase price had to be paid by the said date followed by a detailed payment schedule of 10% and 4% each on 11 various occasions, 5% on completion of brick work thereof and 4% each on four occasions and the remaining 5% at the time of occupation of the house property; respectively. There was a further stipulation in the agreement therein that possession had to be given to the purchaser/assessee only after she had complied with the foregoing detailed payment schedule. The assessee’s bank statement which prima-facie suggests that the specified payment schedule had very well travelled beyond clinching date of 26.02.2013 i.e. one year before the sale deed executed by her on 27.02.2013 - Thus lower authorities have erred in law and on facts in disallowing the assessee’s section 54 deduction claim - Decided in favour of assessee.
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