Allowing the appeal of the assessee , Tribunal held that an assessee who has purchased a house property is entitled to exemption u/s 54F despite the fact that construction activities of the new house has started before the date of sale of the original asset . Beneficial provision and should be liberally interpreted. ( Followed CIT v. Bharti Mishra ( 2014) 265 CTR 374 (Delhi) (HC) & CIT v. Kuldeep Singh ( 2014) 270 CTR 561 (Delhi)(HC) followed) (ITA No. 2630/Del/2015,dt. 30.04.2019)(AY. 2011-12)
Kapil Kumar Agarwal v. DCIT (Delhi)(Trib),www.itatonline.org
S.54F : Capital gains- Investment in a residential house – Construction activities of the new house started before the date of sale of original asset – Beneficial provision and should be liberally interpreted- Entitle to exemption . [ S.45 ]