Deduction under section 54F - stamp paper validity whether 6 months 

Facts:

Assessee purchased a residential bungalow on 05-05-2014 and claimed deduction under section 54F against assignment/sale of MIDC plots on 10-04-2015 which were registered on 06-07-2015 consequential to obtaining permission from MIDC to assign the said properties. It was noticed by the AO that the agreements on which the assignment of plots had happened was dated more than 6 months; thus citing that the assignment was only an afterthought deduction under section 54F was denied which was upheld by the CIT(A) as well. On higher appeal -

Held in favour of the assessee that he was entitled to the deduction under section 54F. The stamp act does not specify anywhere as to what its validity is of a stamp paper. All that section 54 of the act says is if the stamp paper is not used within 6 months then a refund may be sought for its value from the collector.

Applied:

Thiruvengada Pillai v. Navaneethammal & Anr. in [Writ Petition (Civil) 290 of 2001, dt. 19-2-2008]

Case: Rajendra Supadu Jadhav v. Dy. CIT 2023 TaxPub(DT) 3626 (Pun-Trib)