https://www.taxtmi.com/caselaws?id=176120 The court ruled in favor of the assessee, holding that they were entitled to exemptions under Sections 54(1) and 54(2) of the Income Tax Act for the two residential houses and the investment in nationalized banks. The court interpreted "a residential house" to include multiple units serving the same purpose and clarified that unutilized capital gains should be offered for tax only after the three-year period expires, rejecting the Revenue's argument for immediate taxation. The assessee's compliance with the statutory provisions led to the dismissal of both appeals. en-us Wed, 18 Dec 2013 00:00:00 +0530 Wed, 07 Sep 2016 14:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176120 The court ruled in favor of the assessee, holding that they were entitled to exemptions under Sections 54(1) and 54(2) of the Income Tax Act for the two residential houses and the investment in nationalized banks. The court interpreted "a residential house" to include multiple units serving the same purpose and clarified that unutilized capital gains should be offered for tax only after the three-year period expires, rejecting the Revenue's argument for immediate taxation. The assessee's compliance with the statutory provisions led to the dismissal of both appeals. Case-Laws Income Tax Wed, 18 Dec 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176120