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\u00a0 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\u00a0 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.\u00a0\u00a0 PCIT\u00a0\u00a0 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.\u00a0 Order of PCIT is\u00a0 set aside. (AY. 2018-19)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 263 : Commissioner-Revision of orders prejudicial to revenue–Exemption-Investment in residential house-Time limit-Date of transfer of shares-Capital gains-Investment in a residential house-Investment made in land beyond period of two years-Revision is not justified-Entitle to exemption.[S. 45, 54F] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-48146","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-cwy","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=48146"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48146\/revisions"}],"predecessor-version":[{"id":48147,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/48146\/revisions\/48147"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=48146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=48146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=48146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}