Condonation of refiling delay refused where repeated defects, lack of diligence and vague explanations defeated the appeal against resolution plan app...
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Section 54F requires construction of a residential house within three years of transfer of the original asset; it does not require the underlying land to be acquired after that transfer. The cost of land bought earlier may therefore form part of the cost of the new residential house. The note further explains that failure to deposit unutilised capital gains in the Capital Gains Account Scheme by the section 139(1) due date does not defeat exemption where the consideration is actually used for genuine construction within the statutory period, treating the deposit requirement as procedural where substantive investment conditions are met.
Section 54F requires construction of a residential house within three years of transfer of the original asset; it does not require the underlying land to be acquired after that transfer. The cost of land bought earlier may therefore form part of the cost of the new residential house. The note further explains that failure to deposit unutilised capital gains in the Capital Gains Account Scheme by the section 139(1) due date does not defeat exemption where the consideration is actually used for genuine construction within the statutory period, treating the deposit requirement as procedural where substantive investment conditions are met.
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