Exemption U/s 54F eligible if delay in investment was beyond control of Assessee

Dashrath Ambalal Patel Vs ITO (ITAT Ahmedabad) Conclusion: Assessee is eligible for exemption u/s 54F for the amount invested beyond the prescribed period but before getting the property registered since there was sufficient reason, beyond the control of the assessee, which prevented the assessee from making investment within prescribed time. FACTS – Assessee, an individual, is engaged in the business of labour work for electric fitting. Assessee was the 1/3rd owner in the property bearing block no. 755-756 measuring about 23169 sq.mt. along with two other persons. The said property was sol...