https://www.taxtmi.com/caselaws?id=171608 The ITAT ruled in favor of the appellant, allowing exemptions under both sections 54 and 54F of the Income Tax Act. The appellant successfully argued that the sections are independent and not mutually exclusive, enabling them to claim exemptions for investment in the same residential property. The ITAT clarified that both sections apply to different assets, with the appellant investing the entire capital gain from two assets in a new residential house, meeting the conditions for exemptions under both provisions. The ITAT directed the AO to remove the addition to the total income, emphasizing that claiming exemptions under both sections is permissible if requirements are fulfilled. en-us Fri, 18 Jan 2013 00:00:00 +0530 Mon, 27 Jul 2015 13:23:29 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171608 The ITAT ruled in favor of the appellant, allowing exemptions under both sections 54 and 54F of the Income Tax Act. The appellant successfully argued that the sections are independent and not mutually exclusive, enabling them to claim exemptions for investment in the same residential property. The ITAT clarified that both sections apply to different assets, with the appellant investing the entire capital gain from two assets in a new residential house, meeting the conditions for exemptions under both provisions. The ITAT directed the AO to remove the addition to the total income, emphasizing that claiming exemptions under both sections is permissible if requirements are fulfilled. Case-Laws Income Tax Fri, 18 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171608