Booking of a flat- Amounts to construction

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Delhi ITAT HOLDS THAT booking of a flat with the builder amounts to construction and not purchase and hence the time line of 3 years is allowable u/s 54.

The ITAT upheld that the cir no 672 of 1993 has clarified that, the earlier circular 471 of 1986, by stating that, flats allotted by DDA , would apply to co-op. Societies and instituitions as well, and that the builder will come under the purview of instituitions.

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