Popatbhai Dhanjibhai Patel,, ... vs The Ito, Ward-1(2)(5),, Ahmedabad on 24 February, 2023
15. We are not in agreement with the Ld.CIT(A) on the issue. It is not
denied that the assessee had made complete investment of Rs. 21
lacs for purchase of property well within the stipulated time. It is
only that the construction was completed later on and sale deed
entered into on completion of construction. Courts have held the
conditions for claiming exemption u/s 54F of the Act to be fulfilled
in such circumstances. The Hon'ble Karnataka High Court in the
case of CIT Vs Smt. Shantha Kumari (2015) 233 taxmann.com
347(Kar) has held that if after making complete payment merely
because a registered sale deed has not been executed be it because
construction was not completed in all respects, that would not
disentitle the assessee from claiming the benefit u/s 54F of the Act.