Section 54F exemption cannot be denied for mere delay in construction completion

Shivratan Shrigopal Mundada Vs ACIT (ITAT Pune) We do not find any relevance of the ‘completion of construction’ insofar as the exemption u/s.54F is concerned. What the section requires is that the assessee purchases a new residential house or “has within a period of three years, after the date constructed, one residential house in India.” This section simply talks of purchasing a house or constructing a house with the net consideration received from the transfer of old asset. It no where warrants the completion of construction within the stipulated period. If the amount required for e...