https://www.taxtmi.com/caselaws?id=242667 The ITAT allowed the quantum appeal, setting aside previous decisions denying exemption under section 54 for the cost of improvement in a new house property. The ITAT emphasized that any capital expenditure to make the property habitable should be included in the cost of the new asset for exemption purposes. The matter was remanded to the Assessing Officer for fresh adjudication, with directions to conduct factual verifications and provide a speaking order after allowing the assessee another opportunity for a hearing. en-us Fri, 28 Jun 2013 00:00:00 +0530 Sun, 19 Jan 2014 16:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242667 The ITAT allowed the quantum appeal, setting aside previous decisions denying exemption under section 54 for the cost of improvement in a new house property. The ITAT emphasized that any capital expenditure to make the property habitable should be included in the cost of the new asset for exemption purposes. The matter was remanded to the Assessing Officer for fresh adjudication, with directions to conduct factual verifications and provide a speaking order after allowing the assessee another opportunity for a hearing. Case-Laws Income Tax Fri, 28 Jun 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242667