Mere non-construction of property cannot be a ground to deny benefit u/s 54F

Subramanian Swaminathan Vs ACIT (Intl. Taxation) (ITAT Delhi) ITAT Delhi – Mere non-construction of property cannot be a ground to deny benefit u/s 54F. The beneficial nature and the object of the provision is ought to be considered by the Income Tax Authorities In the instant case, undisputedly, the amounts for purchase of property and the construction thereon, were paid duly within the relevant period, as prescribed under law and that too from the Capital Gains Account. The said fact of the payments being made, has been admitted by the Ld. CIT(A), which is evident from the perusal of in pa...