https://www.taxtmi.com/caselaws?id=219224 The Tribunal upheld the Assessing Officer's decision to reopen the assessment under Section 147 of the Income Tax Act to verify the exemption claim under Section 54F. The Tribunal also supported the AO's disallowance of the exemption claim as the construction of the residential house was not completed within the stipulated period, leading to the Long Term Capital Gains being taxed. The Tribunal dismissed the assessee's appeal, affirming the AO's actions in both matters. en-us Fri, 21 Sep 2012 00:00:00 +0530 Fri, 07 Dec 2012 15:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=219224 The Tribunal upheld the Assessing Officer's decision to reopen the assessment under Section 147 of the Income Tax Act to verify the exemption claim under Section 54F. The Tribunal also supported the AO's disallowance of the exemption claim as the construction of the residential house was not completed within the stipulated period, leading to the Long Term Capital Gains being taxed. The Tribunal dismissed the assessee's appeal, affirming the AO's actions in both matters. Case-Laws Income Tax Fri, 21 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=219224