Section 54F exemption allowed despite non-completion of construction as assessee invested the entire net consideration

CIT Vs Sardarmal Kothari (Madras High Court) There is no dispute about the fact that the assessees have invested the entire net consideration of sale of capital asset in the land itself and subsequently the assessees have invested large sums of money in the construction of the house. The cost of investment in land and the cost of expenditure towards the construction of the houses is not in dispute. The one and only ground on which the Assessing Officer has non suited the assessees for the claim of exemption was that the houses have not been completed. There remains some more construction to be...