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The ITAT allowed the assessee's appeal, holding that the assessee was entitled to exemption under section 54F for long-term capital gains. The Tribunal found that the entire sale consideration had been bona fide invested in acquisition of a plot for construction, and delay in commencement/completion beyond the three-year period was attributable to factors beyond the assessee's control (not the assessee's default). Given that the assessee ultimately relinquished rights in the original plot and reinvested the recovered proceeds in a residential property, and that section 54F is a beneficial provision, the assessee could not be disentitled from the exemption; relief granted.
The ITAT allowed the assessee's appeal, holding that the assessee was entitled to exemption under section 54F for long-term capital gains. The Tribunal found that the entire sale consideration had been bona fide invested in acquisition of a plot for construction, and delay in commencement/completion beyond the three-year period was attributable to factors beyond the assessee's control (not the assessee's default). Given that the assessee ultimately relinquished rights in the original plot and reinvested the recovered proceeds in a residential property, and that section 54F is a beneficial provision, the assessee could not be disentitled from the exemption; relief granted.
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