No exemption u/s. 54F as assessee not even got possession of Land

Where assessee sold his agricultural land and deposited part of consideration with a builder for purchase of a plot on which no construction activity could be started within a period of 3 years because no plot was ever handed over to him, benefit of section 54F was not available to assessee – The main thrust of the section 54F is construction of a residential house; the Legislation in its wisdom has specifically provided the period of three years, it cannot be enlarged to indefinite period. IN THE ITAT INDORE BENCH Pankaj Wadhwani V/s. Commissioner of Income-tax-I, Indore IT APPEAL NO. ...