https://www.taxtmi.com/caselaws?id=333040 The Karnataka High Court affirmed the Income Tax Appellate Tribunal's decision granting exemption to the assessee under Section 54 of the Income Tax Act, 1961. The Court held that reinvestment of sale proceeds in a new property within the specified time frame was sufficient to claim the exemption, emphasizing the importance of fulfilling reinvestment conditions for eligibility. The Court dismissed the revenue's appeal, ruling in favor of the assessee without costs, based on the fulfillment of Section 54 requirements. en-us Wed, 28 Sep 2016 00:00:00 +0530 Tue, 31 Jan 2017 18:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333040 The Karnataka High Court affirmed the Income Tax Appellate Tribunal's decision granting exemption to the assessee under Section 54 of the Income Tax Act, 1961. The Court held that reinvestment of sale proceeds in a new property within the specified time frame was sufficient to claim the exemption, emphasizing the importance of fulfilling reinvestment conditions for eligibility. The Court dismissed the revenue's appeal, ruling in favor of the assessee without costs, based on the fulfillment of Section 54 requirements. Case-Laws Income Tax Wed, 28 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333040