https://www.taxtmi.com/caselaws?id=242686 The Tribunal dismissed the appeal by the assessee regarding the disallowance of exemption claimed under Section 54 of the Income-tax Act for the investment in a new house property. The Tribunal held that the property purchased in the names of the assessee's sister-in-law and nephew did not meet the requirements of Section 54, which necessitates the property to be purchased by the assessee directly or immediate family members. Therefore, the Tribunal upheld the decision of the Revenue authorities, leading to the dismissal of the assessee's appeal on 04.07.2013. en-us Thu, 04 Jul 2013 00:00:00 +0530 Sun, 19 Jan 2014 09:47:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=242686 The Tribunal dismissed the appeal by the assessee regarding the disallowance of exemption claimed under Section 54 of the Income-tax Act for the investment in a new house property. The Tribunal held that the property purchased in the names of the assessee's sister-in-law and nephew did not meet the requirements of Section 54, which necessitates the property to be purchased by the assessee directly or immediate family members. Therefore, the Tribunal upheld the decision of the Revenue authorities, leading to the dismissal of the assessee's appeal on 04.07.2013. Case-Laws Income Tax Thu, 04 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=242686