https://www.taxtmi.com/caselaws?id=216200 The Tribunal allowed the assessee's appeal, granting exemption under Section 54 of the Income Tax Act. The Tribunal considered the booking of the new flat as construction, not purchase, and emphasized that possession delays due to the builder should not affect the exemption claim. Additionally, the Tribunal viewed the non-deposit of the unutilized capital gain amount as a technical default, allowing exemption as the amount was eventually utilized for constructing the new house within the extended period. The Tribunal set aside the CIT(A)'s order, ruling in favor of the assessee on 13th June 2012. en-us Wed, 13 Jun 2012 00:00:00 +0530 Mon, 27 Aug 2012 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=216200 The Tribunal allowed the assessee's appeal, granting exemption under Section 54 of the Income Tax Act. The Tribunal considered the booking of the new flat as construction, not purchase, and emphasized that possession delays due to the builder should not affect the exemption claim. Additionally, the Tribunal viewed the non-deposit of the unutilized capital gain amount as a technical default, allowing exemption as the amount was eventually utilized for constructing the new house within the extended period. The Tribunal set aside the CIT(A)'s order, ruling in favor of the assessee on 13th June 2012. Case-Laws Income Tax Wed, 13 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=216200