https://www.taxtmi.com/caselaws?id=118015 The Tribunal ruled that the assessee was not entitled to deduction under Section 54 of the Income Tax Act as the sale proceeds were not invested in constructing a residential building. The Tribunal emphasized that the construction of a residential building was necessary to claim benefits under Section 54. The Tribunal dismissed the miscellaneous petition, noting that the property sold constituted short-term capital gains and did not meet the criteria for Section 54 benefits. The objection raised by the revenue regarding the validity of the miscellaneous petition was deemed irrelevant in light of the High Court's directive for reconsideration. en-us Fri, 30 Jul 2004 00:00:00 +0530 Wed, 27 Jun 2012 18:05:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118015 The Tribunal ruled that the assessee was not entitled to deduction under Section 54 of the Income Tax Act as the sale proceeds were not invested in constructing a residential building. The Tribunal emphasized that the construction of a residential building was necessary to claim benefits under Section 54. The Tribunal dismissed the miscellaneous petition, noting that the property sold constituted short-term capital gains and did not meet the criteria for Section 54 benefits. The objection raised by the revenue regarding the validity of the miscellaneous petition was deemed irrelevant in light of the High Court's directive for reconsideration. Case-Laws Income Tax Fri, 30 Jul 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118015