2020 (6) TMI 54

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..... requirement under Section 54(2) itself cannot stand in way of assessee in getting benefit under Section 54, if he is, otherwise, in a position to satisfy that mandatory requirement under Section 54(1) is fully complied with within time limit prescribed therein. We direct the A.O. to allow the total investments made by the assessee under Section 54F of the Act after satisfying whether the impugn .....

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..... on sale of property made on 23rd December, 2011, but he received on the consideration on 16.01.2012. The assessee acquired a land for ₹ 59,95,000 on 05.03.2012 and constructed a residential property on the same within the time stipulated under Section 54F of the Act and claimed deduction under Section 54F in the return filed for assessment year 2012-13. The A.O restricted the exemptions to t .....

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..... within the time limit specified under Section.54F of the Act. The Ld. A.R. relied on the following case laws: i) Hon ble Karnataka High Court in the case of C.I.T Vs. Shri K.ramachandra Rao reported in [2015] 56 taxmann.com 163(Karnataka) ii) Mumbai Tribunal in the case of Kishore, [2012] 24 taxmann.com 11 iii) Hon ble Madras High Court in the case of Venkata Dilip Kumar [2019] 111 taxma .....

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