Disallowance of deduction u/s. 54F merely due to delay in completion of construction not justifiable

Kothari Sanjay Manilal Vs DCIT (ITAT Ahmedabad)

ITAT Ahmedabad held that delay in the completion of construction of the house will not be a bar to the assessee for claiming the exemption provided u/s.54F of the Income Tax Act. Accordingly, deduction granted.

Facts- The case of the assessee was selected for limited scrutiny. The assessment was completed under Section 143(3) of the Income tax Act, 1961 by making addition on account of long term capital gain and disallowance of interest expense claimed u/s. 57 of the Act.

First Appellate Authority dismis

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