https://www.taxtmi.com/caselaws?id=459719 ITAT Bangalore allowed assessee's appeal partly regarding Section 54F exemption claim. Assessee invested entire sale proceeds before filing return but failed to construct building within prescribed timeframe due to genuine reasons. Tribunal found assessee's intention to construct residential property was genuine and granted proportionate deduction under Section 54F since entire sale proceeds weren't utilized for new assets. However, exemption remains subject to outcome of pending litigation with BDA before Karnataka HC, with potential capital gains tax liability if refund is received. en-us Wed, 29 Mar 2023 00:00:00 +0530 Tue, 24 Dec 2024 20:36:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459719 ITAT Bangalore allowed assessee's appeal partly regarding Section 54F exemption claim. Assessee invested entire sale proceeds before filing return but failed to construct building within prescribed timeframe due to genuine reasons. Tribunal found assessee's intention to construct residential property was genuine and granted proportionate deduction under Section 54F since entire sale proceeds weren't utilized for new assets. However, exemption remains subject to outcome of pending litigation with BDA before Karnataka HC, with potential capital gains tax liability if refund is received. Case-Laws Income Tax Wed, 29 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459719