Section 54 exemption not Allowable if Builder not Started Construction

Sh. Vijay Sharma Vs ACIT (ITAT Delhi) Objective of Section 54 is that the capital gains to be reinvested in another residential house. The provision emphasizes the investment of amount in new property within the timelines as per Section 54, but not completion of the property so as to be occupied or become habitable even. There may be many intervening factors which make it unreasonable and against the rules of prudence to expect the investor to also have completed the construction in three years. But then the law requires the gain to be statutorily invested. Here in the case in hand total capit...