ROSE GEORGE KOLLANUR,THRISSUR vs. ITO WARD 2(2), THRISSUR, THRISSUR

In the result, the appeal by the assessee is allowed

Bench: Shri N. V. Vasudevan & Ms. Padmavathy Sassessment Year : 2014-15

Section 54 F must be allowed since the assessee has invested the entire sale proceeds for construction of residential property which is within the mandated three years from the date of transfer of original asset. The judgment in the case of Nipun Mehrotra vs. ACIT 2008 197 ITR 110 Bang, reinforced this point and exemption was granted on the same