Sec. 54F exemption cannot be denied for mere delay in construction completion

Facts of the case are that the assessee is an Individual. In the return of income filed by him on 30-10-2009, he returned an income of Rs. 56,14,776 after claiming an exemption of Rs. 2,29,82,700 u/s 54F of Income-tax Act, 1961. The assessee had sold a property at Bangalore and had a long term capital gain of Rs. 2,29,82,700. He identified another residential flat at Gurgaon, Haryana called “Palm Drive” for a total consideration of Rs. 2,32,00,000. “Palm Drive” is a project promoted by internationally reputed builders called “Emaar”. The assessee entered int...