https://www.taxtmi.com/caselaws?id=228266 The High Court dismissed the Revenue's appeal against the Tribunal's decision regarding the disallowance of an exemption claim under Section 54F of the Income Tax Act for the assessment year 2007-08. The Court held that the assessee's purchase of a residential house within the extended period under Section 139 of the Act justified the exemption, despite not depositing the sale proceeds in the capital gain account within the specified time frame. The judgment underscored the importance of timely compliance with statutory provisions and interpreting relevant sections to ascertain the eligibility for exemptions under the Income Tax Act. en-us Wed, 20 Mar 2013 00:00:00 +0530 Tue, 23 Apr 2013 14:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=228266 The High Court dismissed the Revenue's appeal against the Tribunal's decision regarding the disallowance of an exemption claim under Section 54F of the Income Tax Act for the assessment year 2007-08. The Court held that the assessee's purchase of a residential house within the extended period under Section 139 of the Act justified the exemption, despite not depositing the sale proceeds in the capital gain account within the specified time frame. The judgment underscored the importance of timely compliance with statutory provisions and interpreting relevant sections to ascertain the eligibility for exemptions under the Income Tax Act. Case-Laws Income Tax Wed, 20 Mar 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=228266