ITAT says Section 54 Benefit Cannot Trigger Tax Before the Investment Period Ends

The assessee had claimed full Section 54 exemption but ultimately invested a lower amount in another residential property after the original project was stalled. 

The Tribunal held that the shortfall could become taxable only when the statutory investment period expired or it became evident that the intended investment would not materialise, and therefore there could be no concealment or inaccurate particulars for AY 2014-15.