Sec. 54 allowable on gain invested up to due date of filing revised ITR

Rajendra Pal Verma Vs ACIT (ITAT Mumbai)

On a perusal of Sec. 54(2), it emerges that the assessee in order to claim exemption under Sec. 54 remains under an obligation to appropriate the amount of the capital gain towards purchase of the new asset within a period of one year before or two years after the date on which the transfer of the original asset took place, or has within a period of three years after that date constructed, a residential house. Where the capital gain is not appropriated by the assessee towards purchase

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