https://www.taxtmi.com/caselaws?id=266479 The High Court upheld the Tribunal's decision, affirming the assessee's entitlement to exemption under Section 54 of the Income Tax Act. The Court found that despite delays in construction due to external factors, the assessee had fulfilled the statutory requirements by purchasing residential sites and initiating construction within the prescribed time frame. Emphasizing the legislative intent behind Section 54 to facilitate reinvestment in residential properties, the Court dismissed the Revenue's appeal, concluding that the delay in construction approvals should not disqualify the assessee from claiming the intended tax benefit. en-us Tue, 25 Aug 2015 00:00:00 +0530 Wed, 21 Oct 2015 09:45:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266479 The High Court upheld the Tribunal's decision, affirming the assessee's entitlement to exemption under Section 54 of the Income Tax Act. The Court found that despite delays in construction due to external factors, the assessee had fulfilled the statutory requirements by purchasing residential sites and initiating construction within the prescribed time frame. Emphasizing the legislative intent behind Section 54 to facilitate reinvestment in residential properties, the Court dismissed the Revenue's appeal, concluding that the delay in construction approvals should not disqualify the assessee from claiming the intended tax benefit. Case-Laws Income Tax Tue, 25 Aug 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266479