The Telangana High Court has ruled that a taxpayer cannot be denied exemption under Section 54F of the Income Tax Act because a developer failed to complete or register a property within the prescribed period.
A bench of Justice P Sam Koshy and Justice Narsing Rao Nandikonda allowed an appeal by NRI Sudhakar Reddy Mettu, holding that delays beyond the taxpayer’s control cannot defeat a beneficial provision and quashing the tax authorities’ orders.