Section 54 Exemption cannot be denied for fault of developer

Bal Kishan Atal Vs ACIT (ITAT Delhi) Conclusion: Assessee was entitled to exemption under section 54 even if he had not taken possession nor the purchase deed had been executed within the period of three years because  the delay in obtaining possession and getting purchase deed executed was on account of the developer and was by reason beyond the control of assessee. Held: During the year under consideration, assessee sold a property and claimed deduction under section 54 after claiming indexed cost of acquisition. AO disallowed the deduction on the premise that assessee had not taken posse...