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Sec. 54F of Income Tax Act, 1961—Capital Gain— In order to get exemption u/s. 54F, the assessee must have purchased new asset one year before or two years after or constructed one residential house within a period of three years, as rightly pointed DR that the assessee did not utilize the sale consideration for purchase of flat or construction of one residential house, therefore, the exemption as claimed by the assessee u/s. 54F is liable to be denied, thus,the order of CIT(A) is justified that the Capital Gains is to be assessed under the year under consideration, consequently, the assessee is not entitled to claim exemption u/s. 54F - JAYSHREE SHANKAR DONE V/s ITO -  28 ITCD Online 051 (ITAT-PUNE)