Denial of exemption u/s 54F for mere technical default is unjustified

Vikas Narayan Baddi 2 Vs ACIT (ITAT Ahmedabad) ITAT Ahmedabad held that denial of exemption u/s 54F of the Income Tax Act for a mere technical default, beyond the control of assessee, in not getting the new property registered within the stipulated time period of two years is unjustified. Facts- The solitary issue involved in the present appeal related to denial of claim of exemption of long term capital gain of Rs.1,08,69,338/- on account of investment of the same in a new residential house as per the provision of section 54F of the Act. It was stated that the claim of the assessee was denied...