Exemption u/s. 54F and 54B cannot be denied solely on ground of non-adherence to strict time limits

Jobanji Thakor Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that exemption u/s. 54F and 54B of the Income Tax Act cannot be denied solely on the ground of non-adherence to strict time limits. Accordingly, the assessee is entitled to claim the deduction in respect of investments made beyond the prescribed time period. Facts- The assessee computed Long Term Capital Gain (LTCG) at Rs.1,15,37,248/- and claimed deductions under Sections 54B and 54F of the Act aggregating to Rs.1,12,19,000/-. AO raised specific queries regarding the basis of the deductions claimed, particularly on the grounds that th...