import re
s='U.S.A is abbr x.y is not. But I.I.T. is also valid ABBVR and so is M.Tech, X.2, X., X.*'
print(re.sub(r'(?<=[A-Z])(\.)(?=[A-Z])|\.', lambda x: '' if x.group(1) else ' ', s))
aW1wb3J0IHJlCnM9J1UuUy5BIGlzIGFiYnIgIHgueSAgaXMgbm90LiBCdXQgSS5JLlQuIGlzIGFsc28gdmFsaWQgQUJCVlIgYW5kIHNvIGlzIE0uVGVjaCwgWC4yLCBYLiwgWC4qJwpwcmludChyZS5zdWIocicoPzw9W0EtWl0pKFwuKSg/PVtBLVpdKXxcLicsIGxhbWJkYSB4OiAnJyBpZiB4Lmdyb3VwKDEpIGVsc2UgJyAnLCBzKSk=