https://www.taxtmi.com/caselaws?id=470286 Timely investment of the relevant sale consideration in an allotted residential flat within the prescribed period qualifies for Section 54F capital-gains exemption even if the developer fails to commence or complete construction or deliver possession. The provision is beneficial and warrants liberal construction; completion or occupation is not indispensable where the taxpayer has made the qualifying investment and the developer's default is beyond the taxpayer's control. Where a concealment penalty rests solely on disallowance of the Section 54F claim, allowing the exemption removes the basis for that penalty. en-us Mon, 05 Feb 2018 00:00:00 +0530 Wed, 22 Jul 2026 11:46:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470286 Timely investment of the relevant sale consideration in an allotted residential flat within the prescribed period qualifies for Section 54F capital-gains exemption even if the developer fails to commence or complete construction or deliver possession. The provision is beneficial and warrants liberal construction; completion or occupation is not indispensable where the taxpayer has made the qualifying investment and the developer's default is beyond the taxpayer's control. Where a concealment penalty rests solely on disallowance of the Section 54F claim, allowing the exemption removes the basis for that penalty. Case-Laws Income Tax Mon, 05 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470286