2023 (9) TMI 687 - ITAT DELHI

Deduction u/s 54 - investment in new House Property within prescribed time or not? - as purchase date did not lie within one year before so, the AO opined that the claim of exemption u/s 54 of the Act is not admissible - HELD THAT:- We find that on the touchstone of SH. AKSHAY SOBTI, SH. PRADEEP SOBTI, SMT. SEEMA SOBTI [2020 (1) TMI 407 - DELHI HIGH COURT] in the present case, the agreement for sale can be construed as agreement of construction. So the assessee has a window upto 11.11.2014 to construct the house property. The date of grant of possession can be construed as completion of construction. Hence, the assessee deserves to succeed on account of construction of house within 3 years of the date of sale/transfer of the original asset - Appeal of the assessee is allowed.