https://www.taxtmi.com/caselaws?id=216338 ITAT Chandigarh allowed the assessee's appeal and held that exemption u/s 54F could not be denied merely because construction of the residential house was not completed within three years. Relying on MP HC precedent, the Tribunal held that s.54F requires investment of net consideration in purchasing or constructing a residential house within the stipulated period, and does not mandate completion of construction. Since the assessee invested the sale consideration of agricultural land in a residential plot and commenced construction, ITAT directed AO to grant exemption u/s 54F and set aside the CIT(A)'s order. en-us Wed, 28 Jul 2010 00:00:00 +0530 Thu, 09 Apr 2026 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216338 ITAT Chandigarh allowed the assessee's appeal and held that exemption u/s 54F could not be denied merely because construction of the residential house was not completed within three years. Relying on MP HC precedent, the Tribunal held that s.54F requires investment of net consideration in purchasing or constructing a residential house within the stipulated period, and does not mandate completion of construction. Since the assessee invested the sale consideration of agricultural land in a residential plot and commenced construction, ITAT directed AO to grant exemption u/s 54F and set aside the CIT(A)'s order. Case-Laws Income Tax Wed, 28 Jul 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216338