https://www.taxtmi.com/caselaws?id=212740 The tribunal dismissed the appeal, upholding the denial of deduction under section 54 of the Income-tax Act, 1961. The assessee's claim for exemption based on advances made for property purchase beyond the prescribed time limit was deemed unsustainable. The tribunal found that the property was neither acquired nor constructed within the stipulated period, and the reliance on supervening impossibilities was unfounded, leading to the rejection of the appeal. en-us Tue, 20 Mar 2012 00:00:00 +0530 Sat, 21 Apr 2012 11:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=212740 The tribunal dismissed the appeal, upholding the denial of deduction under section 54 of the Income-tax Act, 1961. The assessee's claim for exemption based on advances made for property purchase beyond the prescribed time limit was deemed unsustainable. The tribunal found that the property was neither acquired nor constructed within the stipulated period, and the reliance on supervening impossibilities was unfounded, leading to the rejection of the appeal. Case-Laws Income Tax Tue, 20 Mar 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=212740