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HC allows Deduction U/s. 54 despite Delay in construction
Case Law Details
- Case Name
- Pr. CIT Vs Dilip Ranjrekar (Karnataka High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13
- Courts
- All High Courts, Karnataka High Court
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Pr. CIT Vs Dilip Ranjrekar (Karnataka High Court)
In the instant case, the investment is made in a new property. The construction was not completed within a period of three years as narrated in section 54 of the Act. The delay was not because of the assessee, but beyond his control, since the construction was put up by the builder. He has invested the amount of Rs. 2,26,82,097. Therefore, following the aforesaid judgement, the Tribunal rightly held that the said investment is made towards construction of the property. Therefore, it requires to be exempted. Under these circumstances, we do not ...
