Tuesday, July 19, 2016

No denial of Sec. 54F relief if taxpayer is unable to get possession of flat due to builder’s fault

Section 54F relief cannot be denied to assessee when he has invested entire sales consideration in purchase of residential house but he is unable to get possession of flat, which is under construction, due to fault of builder.
The issue before the ITAT was:
Whether Section 54F relief could be denied when assessee was not able to get the title of the flat or unable to get possession of the flat, which was under construction, due to fault of the Builder?
The ITAT held as under :