Section 54F Exemption Allowed for Delayed Completion Beyond Assessee’s Control

Section 54F- Exemption cannot be denied if delay in completion is on account of reasons beyond the control of assessee The facts of this case were, the assessee had purchased a site and could not complete the construction of the house within the prescribed period of three years. However, the house was constructed and completed subsequently. Relief was given on the ground that the delay had occurred on account of reasons beyond the control of the assessee. Income Tax Appellate Tribunal (ITAT) Delhi heard the appeal of Satish Chandra Gupta for the assessment year 1990-91 against the order of th...