Assessee claimed exemption under section 54F on account of purchase of land for construction of residential house and same was allowed in regular assessment. PCIT exercised his power under section 263 and held  that exemption claimed under section 54F by assessee on account of purchase of land was wrongly allowed to assessee since land had not been found to have been purchased within prescribed period of two years from date of transfer of shares. On appeal the Tribunal held that  section 54F provides a time period of three years to assessee for construction of a house property for claiming exemption of capital gains under section 54F.   PCIT   had misinterpreted provision of law to hold that assessee was ineligible to claim exemption under section 54F on investment made in land beyond two years.  Order of PCIT is  set aside. (AY. 2018-19)