HC allows Deduction U/s. 54 despite Delay in construction

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 ...