Exemption U/s. 54F cannot be disallowed for mere non-completion of construction of house

Principal CIT Vs Smt. Charumathi Seshadri (Madras High Court)

 When assessee invested a sum in purchase of land, which was invested after date of sale of original asset and before due date of filing of return of income under section 139(1) as per requirement of section 54F, then, deduction under section 54F could not be disallowed merely on the ground that no residential house had been constructed and completed on the land within three years from date of sale of the original asset.

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