https://www.taxtmi.com/caselaws?id=774232 ITAT Chennai allowed assessee's appeal regarding deduction under Section 54F. The tribunal held that commencement of construction payments before transfer of original asset does not disqualify the exemption, reversing AO's disallowance. Despite construction completion beyond the statutory three-year period due to COVID-19 disruptions, the tribunal granted relief considering the pandemic's impact on construction activities. The assessee had made substantial payments totaling Rs. 4.52 crores by February 2020, with building completion delayed until January 2024. ITAT directed AO to allow the deduction, acknowledging COVID-19 as valid reason for delay and ordered verification of architect expenses of Rs. 16,10,800 upon production of evidence. en-us Wed, 18 Jun 2025 00:00:00 +0530 Sat, 05 Jul 2025 08:47:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=774232 ITAT Chennai allowed assessee's appeal regarding deduction under Section 54F. The tribunal held that commencement of construction payments before transfer of original asset does not disqualify the exemption, reversing AO's disallowance. Despite construction completion beyond the statutory three-year period due to COVID-19 disruptions, the tribunal granted relief considering the pandemic's impact on construction activities. The assessee had made substantial payments totaling Rs. 4.52 crores by February 2020, with building completion delayed until January 2024. ITAT directed AO to allow the deduction, acknowledging COVID-19 as valid reason for delay and ordered verification of architect expenses of Rs. 16,10,800 upon production of evidence. Case-Laws Income Tax Wed, 18 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=774232