Date of Acquisition of New Property must be Date of Possession: ITAT allows Deduction under Income Tax Act [Read Order]

It was observed that the date of possession of the new property should be considered as the date of acquisition of the property
ITAT - Property tax - Income tax act - ITAT mumbai - New properties - TAXSCAN

The Mumbai Bench of Income Tax Appellate Tribunal ( ITAT ) has held that the date of possession of new property is to be considered as the date of acquisition while considering the deduction under Section 54 of the Income Tax Act,1961 on the purchase of new property. The tribunal held the assessee eligible for…

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