https://www.taxtmi.com/caselaws?id=63426 The Commissioner of Income-tax (Appeals) deleted the capital gains assessed to tax in the assessee's hands, as the capital gains from the sale of a residential house in Muzaffar Nagar were utilized within the specified period by constructing a property at Faridabad for residential purposes. The Tribunal emphasized the liberal interpretation of the term 'parent' and the intention to use the property for one's own residence in determining eligibility for the exemption under section 54(1) of the Income-tax Act. The decision focused on the usage of properties, construction timelines, and intention criteria, aligning with statutory provisions and relevant precedents. en-us Fri, 05 Jan 1990 00:00:00 +0530 Fri, 23 Sep 2011 08:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=63426 The Commissioner of Income-tax (Appeals) deleted the capital gains assessed to tax in the assessee's hands, as the capital gains from the sale of a residential house in Muzaffar Nagar were utilized within the specified period by constructing a property at Faridabad for residential purposes. The Tribunal emphasized the liberal interpretation of the term 'parent' and the intention to use the property for one's own residence in determining eligibility for the exemption under section 54(1) of the Income-tax Act. The decision focused on the usage of properties, construction timelines, and intention criteria, aligning with statutory provisions and relevant precedents. Case-Laws Income Tax Fri, 05 Jan 1990 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=63426