S. 54F Exemption cannot be denied for delay in possession of property

IN THE ITAT MUMBAI BENCH ‘A’ Kishore H. Galaiya V/s. Income-tax Officer IT Appeal No. 7326 (Mum.) of 2010 [Assessment Year 2006-07] JUNE 13, 2012 ORDER Rajendra Singh, Accountant Member This appeal by the assessee is directed against the order dated 13.8.2010 of CIT(A) for the assessment year 2006-07. 2. The only dispute raised by the assessee in this appeal is regarding disallowance of claim of exemption u/s 54 of the Income Tax Act, 1961 (the Act) in respect of long term capital gain arising from sale of a residential flat. 3. The facts in brief are that the asse...