https://www.taxtmi.com/caselaws?id=70048 The ITAT allowed the assessee's appeal and restored the assessment order, setting aside the revisional order passed u/s 263 by the CIT. It held that exemption u/s 54F was rightly granted where the assessee had invested the entire net consideration from sale of shares in constructing a residential house within the statutory three-year period. The Tribunal ruled that substantial completion of construction, with only minor finishing work pending to make the property fully fit for occupation, satisfies the conditions of s.54F. Consequently, the assessment was not erroneous or prejudicial to the interests of the Revenue, invalidating revision u/s 263. en-us Thu, 25 Apr 1996 00:00:00 +0530 Mon, 15 Dec 2025 20:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70048 The ITAT allowed the assessee's appeal and restored the assessment order, setting aside the revisional order passed u/s 263 by the CIT. It held that exemption u/s 54F was rightly granted where the assessee had invested the entire net consideration from sale of shares in constructing a residential house within the statutory three-year period. The Tribunal ruled that substantial completion of construction, with only minor finishing work pending to make the property fully fit for occupation, satisfies the conditions of s.54F. Consequently, the assessment was not erroneous or prejudicial to the interests of the Revenue, invalidating revision u/s 263. Case-Laws Income Tax Thu, 25 Apr 1996 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70048