Section 54F Deduction allowed for Property Construction within 3 years: ITAT Delhi

Avichal Kulshrestha Vs ITO (ITAT Delhi) ITAT Delhi held that deduction under section 54F of the Income Tax Act allowable since the provisions of section 54F allows for construction of the property within a period of three years. Accordingly, appeal allowed. Facts- During the assessment proceedings, the AO observed that in the original return of income, assessee declared Long Term Capital Gain (LTCG) to the extent of Rs.62,72,665/-. However, in revised return of income, assessee has declared LTCG of Rs.22,65,071/-. AO observed that assessee has claimed additional deduction u/s 54F of the Act to...