Section 54F Deduction allowed despite Non-Construction of New House within Prescribed Time Limit  

Sharada Mohan Shetty Vs ITO (ITAT Bangalore) ITAT noticed that the assessee sold capital assets and claimed exemption u/s 54F of the Act. On perusal of the documents submitted by the assessee, we note that the assessee has furnished Construction plan approval letter, construction bills issued by SKS builders & initial construction photo at page 61 to 65. From the bills issued by builders, it was for construction of compound wall & shed works it clearly shows that the building was not completed within the stipulated period of 3 years from the date of sale of capital assets. We also note...