https://www.taxtmi.com/caselaws?id=63364 The tribunal upheld the Appellate Authority Commissioner's decision, granting the assessee exemption under section 54(1) of the Income-tax Act, 1961. Despite not being the legal owner of the plot where the new house was constructed, the tribunal emphasized that the assessee fulfilled the section's requirements by reinvesting the sale proceeds in a new property for residential purposes. The tribunal clarified that legal ownership of the plot was not a strict condition for the exemption, as long as the new property was intended for the assessee's residence, which was the case here. en-us Fri, 22 Jul 1983 00:00:00 +0530 Sat, 29 Jan 2011 16:01:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63364 The tribunal upheld the Appellate Authority Commissioner's decision, granting the assessee exemption under section 54(1) of the Income-tax Act, 1961. Despite not being the legal owner of the plot where the new house was constructed, the tribunal emphasized that the assessee fulfilled the section's requirements by reinvesting the sale proceeds in a new property for residential purposes. The tribunal clarified that legal ownership of the plot was not a strict condition for the exemption, as long as the new property was intended for the assessee's residence, which was the case here. Case-Laws Income Tax Fri, 22 Jul 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63364