It often happens that you sell your house or other capital asset and invested in a new house . The purchase of house could not be registered within time allotted u/s 54 or sec. 54F for various reasons. Maybe construction could not be completed or even if you took possession, the documents has not been registered on account of builders fault. So , in such a case where , although you have bought the house , but the purchase agreement has not been registered , is your claim of exemption u/s 54 or 54F correct ? The assessing officer , in 99% of the case , will raise objection and try to deny you the exemption , but the good news is that , courts have not found such action on part of A.O for legal reasons .