Section 54F Exemption allowed on Land Purchased Beyond 2 Years for Residential House Construction

Viral Rajendra Patel Vs PCIT (ITAT Ahmedabad) Section 54F Exemption allowed even if land is purchased (for construction of a new residential house) beyond 2 years from the date of sale of Asset Summary: In the case of Viral Rajendra Patel vs. PCIT (ITAT Ahmedabad), the Tribunal dealt with an appeal against a revisionary order passed under Section 263 of the Income Tax Act, 1961. The Principal Commissioner of Income Tax (PCIT) had deemed the original assessment order for Assessment Year 2018-19 erroneous and prejudicial to the interests of the Revenue. The contention centered around the exempt...