ITAT Kolkata Allowed Section 54 Exemption Despite Incomplete House Construction

Ramautar Saraf (HUF) Vs ITO (ITAT Kolkata) ITAT Kolkata Allows Section 54 Exemption Despite Incomplete Construction Within 3 Years The Kolkata Bench of the ITAT allowed the appeal of Ramautar Saraf (HUF) for AY 2016-17, holding that deduction under section 54 cannot be denied merely because construction of the new residential house was not completed within three years from the date of transfer. The Tribunal reiterated that section 54 is a beneficial provision and must be interpreted liberally to advance its object of encouraging investment in residential housing. The assessee had invested the ...