Out of advance received against sale of property owned by assessee under an unregistered sale agreement dated 15-5-2013, assessee purchased land and building on 29-11-2013. Later, on receiving full sale consideration, possession of sold out property was handed over by assessee on 15-10-2014 while sale deed was executed on 23-2-2015. Assessee started construction of residential building and claimed deduction under section 54F. Assessing Officer held that no deduction would be available under section 54F as date of purchase of property fell beyond one year from date of sale of property. CIT(A) affirmed the order of the Assessing Officer. On appeal the Tribunal held that  since assessee had purchased land on date which fell within a year from receipt of full sale consideration as well as handing over of possession, merely because sale deed had been executed beyond period of one year, deduction could not be denied.  (AY. 2015-16)