Held that according to section 54F of the Act, time of three years is provided to the assessee for construction of a house property for claiming exemption of capital gains under section. The exercise of revisionary power by the Principal Commissioner was based on an incorrect interpretation of the provisions of law on the issue. Accordingly the revision order is quashed (AY.2018-19)
Viral Rajendra Patel v. PCIT (2024)110 ITR 79 (SN)(Ahd)(Trib)
S. 263 : Commissioner-Revision of orders prejudicial to revenue-Capital gains-Investment of gains in residential house within time specified-Purchase of land with intention of constructing house-Time of three years from date of transfer of original asset allowed-Revision on ground that purchase was beyond two years allowed for purchase of house is not proper.[S. 45, 54F, 143(3)]
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