https://www.taxtmi.com/caselaws?id=333182 The tribunal upheld the decision of the Ld.CIT(A) and dismissed the revenue's appeal, affirming the granting of exemption to the assessee under section 54 of the Income Tax Act, 1961. The tribunal emphasized that possession timing of the new residential property was not crucial for exemption as long as the assessee fulfilled the conditions of investing the capital gain in construction within the stipulated time. The judgment leaned towards granting deductions rather than denying them on technical grounds, in line with the aim of benefiting the assessee and promoting investment in housing infrastructure. en-us Wed, 24 Aug 2016 00:00:00 +0530 Thu, 06 Oct 2016 12:27:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=333182 The tribunal upheld the decision of the Ld.CIT(A) and dismissed the revenue's appeal, affirming the granting of exemption to the assessee under section 54 of the Income Tax Act, 1961. The tribunal emphasized that possession timing of the new residential property was not crucial for exemption as long as the assessee fulfilled the conditions of investing the capital gain in construction within the stipulated time. The judgment leaned towards granting deductions rather than denying them on technical grounds, in line with the aim of benefiting the assessee and promoting investment in housing infrastructure. Case-Laws Income Tax Wed, 24 Aug 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=333182