Assessee has sold two properties and claimed deduction under section 54/54F in respect of capital gains arising on sale of assets, in view of purchase of new residential bungalow. The  claim was denied by Assessing Officer holding that deduction under section 54/54F cannot be claimed simultaneously in respect of same asset; and payment for purchase of new house was made prior to one year before sale of original asset. CIT(A) affirmed the order of the AO. On appeal the Tribunal held that  the  term ‘purchase’ employed in sub-section (2) of section 54, is  not used in sense of legal transfer and therefore, holding of a legal title within a period of one year was not a condition precedent for availing deduction under section 54.The  recital of sale deed clearly said that possession of property was taken on 31-3-2015 which was within period of one year before date of sale of original asset and covenants in sale deed executed and registered were conclusive in absence of any evidence to contrary therefore, finding of Commissioner (Appeals) that it is  a fabricated document is  a mere bald allegation and could not be sustained in eyes of law. the  assessee is  entitled for deduction under section 54/54F of  the Act.(AY. 2016-17)