https://www.taxtmi.com/caselaws?id=335847 The appeal was allowed for statistical purposes, and the matter was remanded to the Assessing Officer (AO) for necessary verification and computation of the exemption amount under Section 54 of the Income Tax Act. The Tribunal directed the AO to follow the principles laid down by the Bombay High Court in a relevant case, allowing exemption if the amount is utilized for constructing a new house before the date of filing the return or deposited in the specified capital gain account. The AO was instructed to provide the assessee with an opportunity to present evidence and explanations regarding the construction of the new residential house. en-us Thu, 08 Dec 2016 00:00:00 +0530 Sun, 11 Dec 2016 23:49:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335847 The appeal was allowed for statistical purposes, and the matter was remanded to the Assessing Officer (AO) for necessary verification and computation of the exemption amount under Section 54 of the Income Tax Act. The Tribunal directed the AO to follow the principles laid down by the Bombay High Court in a relevant case, allowing exemption if the amount is utilized for constructing a new house before the date of filing the return or deposited in the specified capital gain account. The AO was instructed to provide the assessee with an opportunity to present evidence and explanations regarding the construction of the new residential house. Case-Laws Income Tax Thu, 08 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335847