Section 54F requires only the assets to be purchased within specified time, date of booking / payment not relevant

CA Sandeep Kanoi Authorised Representative submitted that as per section 54F(1), the only condition required to be satisfied for the assessee to avail the exemption there under was that the assessee should within a period of one year before or two years after the date of transfer, purchase or within a period of three years construct a residential property. It is submitted by the learned Authorized Representative that there is no dispute with regard to the fact that the assessee received compensation of Rs.84,61,701 as compensation for acquisition of the land i.e. the old asset acquired for the...