Section 54F – No disallowance for non Compliance of procedural requirement

Shri Kasi Viswanathan Ramnathan Vs ITO (ITAT Chennai) The issue under consideration is whether the denial of exemption under section 54F by CIT(A) is justified in law? In the present case, assessee has claimed the exemption u/s 54F in the return including the amount which had not been utilized before 31.07.2012. But later the assessee utilized the entire sale consideration in the construction of the building within the time limit specified under Section 54F. But still CIT(A) disallowed the exemption u/s 54F. ITAT after observing the facts of the case, stated that mere non compliance of a p...