https://www.taxtmi.com/caselaws?id=414566 The Tribunal ruled in favor of the appellant, allowing the exemption under section 54/54F of the Income Tax Act. The Tribunal considered the delay in possession caused by the builder as a valid reason for extending the time limit for completion of construction to three years. The issue of depositing a specific amount in the capital gain account scheme was remitted back to the Assessing Officer for further verification. The Tribunal also directed the AO to delete the addition made in the appellant's case based on consistency with a similar case involving the appellant's brother. en-us Mon, 25 Oct 2021 00:00:00 +0530 Thu, 11 Nov 2021 08:44:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=414566 The Tribunal ruled in favor of the appellant, allowing the exemption under section 54/54F of the Income Tax Act. The Tribunal considered the delay in possession caused by the builder as a valid reason for extending the time limit for completion of construction to three years. The issue of depositing a specific amount in the capital gain account scheme was remitted back to the Assessing Officer for further verification. The Tribunal also directed the AO to delete the addition made in the appellant's case based on consistency with a similar case involving the appellant's brother. Case-Laws Income Tax Mon, 25 Oct 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=414566