Dismissing the appeal of the assessee the Tribunal held that , when the sale is not concluded or agreement of sale is not certain to be honoured, assessee cannot claim deduction in respect of purchase or construction of property within one year before or within two years after sale of original asset or to have constructed property within three years after sale of property for purposes of claiming deduction . ( AY. 2014-15)
Mahesh Malneedi. v. ITO (2018) 169 ITD 154 (Hyd) (Trib.)
S. 54F : Capital gains – Investment in a residential house –Sale is not concluded or agreement of sale is not certain to be honoured, assessee cannot claim deduction in respect of purchase or construction of property [ S.45, 54F(4)]