https://www.taxtmi.com/caselaws?id=262546 The High Court of Andhra Pradesh upheld the Income-tax Appellate Tribunal's decision regarding the interpretation of deduction under section 54 of the Income-tax Act, 1961. The Court emphasized the importance of completing construction within the specified period for claiming exemption under section 54. The Tribunal's finding that substantial completion of construction and investment of the net consideration within the stipulated period met the conditions for exemption was upheld. The Court dismissed the appeal, stating that completion of construction within the timeframe is crucial for claiming exemption, rather than mere registration of documents. en-us Wed, 08 Oct 2014 00:00:00 +0530 Thu, 13 Aug 2015 07:01:32 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=262546 The High Court of Andhra Pradesh upheld the Income-tax Appellate Tribunal's decision regarding the interpretation of deduction under section 54 of the Income-tax Act, 1961. The Court emphasized the importance of completing construction within the specified period for claiming exemption under section 54. The Tribunal's finding that substantial completion of construction and investment of the net consideration within the stipulated period met the conditions for exemption was upheld. The Court dismissed the appeal, stating that completion of construction within the timeframe is crucial for claiming exemption, rather than mere registration of documents. Case-Laws Income Tax Wed, 08 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=262546