Section 54F exemption not allowable if no property purchased or constructed within stipulated period

Asha Bhausaheb Thube Vs ITO (ITAT Pune) Section 54F of the Act requires assessee to purchase new residential house within a period of Two years after the date of Sale or construct within a period of Three years. In this case, it is a fact that assessee has neither purchased nor constructed a residential house within a period mentioned in the Section. The impugned property was sold vide registered sale deed dated 31/08/2012. As per the clause 6 of the said registered sale deed, the impugned property was kept mortgaged with State Bank of India ,the State Bank of India vide registered release doc...