Section 54F of Income Tax Act, 1961— Exemption u/s 54F— Issue involved in the present appeal is regarding allowability of exemption u/s 54F of the act.

As per opinion of assessee, the CIT erred in confirming the disallowance of section 54F on the ground that there is no registered conveyance to the effect that there is no transfer.
 
Held that—On this aspect of the matter, this subsequent judgment of Hon’ble Apex Court does not make difference because as per this subsequent judgment of Hon’ble Apex Court rendered in the case of CIT Vs. Balbir Singh Maini (supra), the assessee has not become the owner of the property in question because there is no registered sale deed executed by the vendor but as per the judgment of Hon’ble Delhi High Court, becoming the owner of the property in question is not required for the purpose of section 54 of the IT Act. Section 54F of the IT Act is parametria with section 54 of the IT Act. Hence, we respectfully follow this judgment of Hon’ble Delhi High Court and decide the issue in favour of the assessee. [SHRI BASHEER NOORULLAH KHAN VERSUS THE COMMISSIONER OF INCOME TAX (APPEALS) , BANGALORE.][2019] 15 ITCD Online (57) [ ITAT BANGALORE]