https://www.taxtmi.com/caselaws?id=263287 The Tribunal allowed the appeal, directing the authorities to grant the exemption under section 54 of the Income Tax Act, 1961. The denial of exemption was overturned as the Tribunal found the assessee had complied with the requirements of section 54 by making a substantial investment in a new property, despite delays in construction. The interpretation of 'purchase' was viewed pragmatically, emphasizing the evidence of investment through an allotment letter and payment. The levy of interest under sections 234A, 234B, and 234C was deemed consequential following the allowance of the exemption. en-us Wed, 19 Aug 2015 00:00:00 +0530 Thu, 27 Aug 2015 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263287 The Tribunal allowed the appeal, directing the authorities to grant the exemption under section 54 of the Income Tax Act, 1961. The denial of exemption was overturned as the Tribunal found the assessee had complied with the requirements of section 54 by making a substantial investment in a new property, despite delays in construction. The interpretation of 'purchase' was viewed pragmatically, emphasizing the evidence of investment through an allotment letter and payment. The levy of interest under sections 234A, 234B, and 234C was deemed consequential following the allowance of the exemption. Case-Laws Income Tax Wed, 19 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263287