https://www.taxtmi.com/caselaws?id=65987 The Tribunal dismissed the appeal, ruling that the assessee did not meet the requirements for exemption under section 54 of the Income-tax Act, 1961. The construction of the new flats was not finished within the prescribed two-year period, and the transaction was deemed a purchase rather than construction, necessitating completion within one year from the sale of the old house. The Tribunal emphasized strict adherence to the literal interpretation of statutory provisions unless higher courts decide otherwise, citing relevant judicial precedents. en-us Fri, 27 Jul 1984 00:00:00 +0530 Sat, 19 Feb 2011 16:54:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65987 The Tribunal dismissed the appeal, ruling that the assessee did not meet the requirements for exemption under section 54 of the Income-tax Act, 1961. The construction of the new flats was not finished within the prescribed two-year period, and the transaction was deemed a purchase rather than construction, necessitating completion within one year from the sale of the old house. The Tribunal emphasized strict adherence to the literal interpretation of statutory provisions unless higher courts decide otherwise, citing relevant judicial precedents. Case-Laws Income Tax Fri, 27 Jul 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65987