https://www.taxtmi.com/caselaws?id=248495 The ITAT affirmed the CIT(A)'s decision to adopt a lower sale consideration amount for computing capital gains and upheld the allowance of exemption under S.54F of the Act, despite the new asset's construction preceding the sale of the capital asset. The ITAT emphasized the purchaser's statement and lack of contradictory evidence, supporting the decision. The ITAT ruled that the construction completion date, not the commencement date, is the relevant factor for claiming the deduction under S.54F. The Revenue's appeal was dismissed, and the ITAT's decision was pronounced on 28.5.2014. en-us Wed, 28 May 2014 00:00:00 +0530 Sat, 14 Jun 2014 12:13:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=248495 The ITAT affirmed the CIT(A)'s decision to adopt a lower sale consideration amount for computing capital gains and upheld the allowance of exemption under S.54F of the Act, despite the new asset's construction preceding the sale of the capital asset. The ITAT emphasized the purchaser's statement and lack of contradictory evidence, supporting the decision. The ITAT ruled that the construction completion date, not the commencement date, is the relevant factor for claiming the deduction under S.54F. The Revenue's appeal was dismissed, and the ITAT's decision was pronounced on 28.5.2014. Case-Laws Income Tax Wed, 28 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=248495