Assessee sold his property in India. Out of the sale proceeds, an amount of Rs. 1cr was invested into a new residential house in India. The residential house in which the investment was made by the assessee was registered in the name of his spouse. The assessee claimed deduction u/s 54 of the Act. The Assessing Officer disallowed the claim, which was affirmed by the CIT (A). On appeal the Tribunal held that since the sale proceeds have been duly invested in acquisition of new property within the due time allowed, the assessee is eligible for claim of deduction u/s 54 of the Act. (AY.2020-21)