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2022 (4) TMI 1020 - AT - Income TaxExemption u/s 54 - investment in residential property under the allotment deed registered - HELD THAT:- The judgement passed by the Coordinate Bench in the matter of Shriniwas R. Desai [2014 (1) TMI 883 - ITAT AHMEDABAD] wherein it was held that there is no restriction on the buyer from incurring any construction expenditure on improvisation or supplementary work of ready-made unit. The additional expenses so incurred would be eligible for qualifying investment u/s 54. Taking into consideration the entire aspect of the matter particularly when the assessee has incurred expenditure for making the new property habitable within the stipulated time as framed by the provision of law and particularly when such expenditure has not been doubted by the authorities below respectfully relying upon the ratio laid down by the Coordinate Bench as narrated hereinabove the assessee is found to be entitled to the exemption as the expenditure incurred. The order of addition made by the authorities below is, thus, found to be devoid of any merit and, thus, deleted. Assessee’s appeal is, therefore, allowed.
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