Advance For Property Is The Perplexity Over Tax Knowledge
A controversy which has been luring around this provision is that whether the exemption benefit is available where the transaction of purchase/ construction, inspite of making payment, is not completed within the given time frame. To put it differently, the issue is ‘Whether exemption benefit would be available in cases where advance payments are made?’ This issue has been covered in many judicial precedents and has mostly resulted in favor of assessee....