https://www.taxtmi.com/caselaws?id=176122 The dominant issue was whether deduction under s.54 of the Income-tax Act, 1961 could be denied merely because the assessee did not utilise the sale consideration from the transferred house property for constructing/purchasing the new residential house. The HC held that s.54 requires only that a residential house be purchased within one year before/after the transfer or constructed within two years after the transfer; the statute does not mandate that the same sale proceeds be applied towards the new asset. On a plain reading of s.54 (including clauses (i) and (ii)), exemption is linked to the cost of acquisition of the new residential house within the stipulated period. The revenue's appeal was dismissed and the assessee's s.54 deduction was sustained. en-us Fri, 17 Sep 1999 00:00:00 +0530 Thu, 19 Mar 2026 12:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=176122 The dominant issue was whether deduction under s.54 of the Income-tax Act, 1961 could be denied merely because the assessee did not utilise the sale consideration from the transferred house property for constructing/purchasing the new residential house. The HC held that s.54 requires only that a residential house be purchased within one year before/after the transfer or constructed within two years after the transfer; the statute does not mandate that the same sale proceeds be applied towards the new asset. On a plain reading of s.54 (including clauses (i) and (ii)), exemption is linked to the cost of acquisition of the new residential house within the stipulated period. The revenue's appeal was dismissed and the assessee's s.54 deduction was sustained. Case-Laws Income Tax Fri, 17 Sep 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=176122