https://www.taxtmi.com/caselaws?id=330441 The Tribunal upheld the exemption u/s 54 of the Income Tax Act for Assessment year 2009-10, dismissing the Revenue's appeal. It emphasized that the date of purchase should be considered as the date of possession for claiming exemption and clarified that the capital gain from the original asset must be reinvested within specified timelines to qualify for exemption. The Tribunal's analysis highlighted the importance of adhering to the provisions of section 54(1) and relevant legal precedents in determining eligibility for capital gains exemption, ultimately supporting the decision of the First Appellate Authority. en-us Thu, 16 Jun 2016 00:00:00 +0530 Tue, 26 Jul 2016 11:49:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=330441 The Tribunal upheld the exemption u/s 54 of the Income Tax Act for Assessment year 2009-10, dismissing the Revenue's appeal. It emphasized that the date of purchase should be considered as the date of possession for claiming exemption and clarified that the capital gain from the original asset must be reinvested within specified timelines to qualify for exemption. The Tribunal's analysis highlighted the importance of adhering to the provisions of section 54(1) and relevant legal precedents in determining eligibility for capital gains exemption, ultimately supporting the decision of the First Appellate Authority. Case-Laws Income Tax Thu, 16 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=330441