https://www.taxtmi.com/caselaws?id=335914 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision, dismissing the Revenue's appeal and confirming the assessee's entitlement to exemption under Section 54 of the Income-tax Act. The Tribunal determined that the advance payment made for the purchase of a residential flat constituted utilization of the capital gain, aligning with the requirements of Section 54(2) of the Act. By citing relevant precedent and emphasizing the timely utilization of capital gains, the Tribunal supported the assessee's position and emphasized compliance with statutory provisions for claiming deductions under Section 54. en-us Thu, 15 Sep 2016 00:00:00 +0530 Mon, 12 Dec 2016 18:47:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=335914 The Tribunal upheld the Commissioner of Income Tax (Appeals) decision, dismissing the Revenue's appeal and confirming the assessee's entitlement to exemption under Section 54 of the Income-tax Act. The Tribunal determined that the advance payment made for the purchase of a residential flat constituted utilization of the capital gain, aligning with the requirements of Section 54(2) of the Act. By citing relevant precedent and emphasizing the timely utilization of capital gains, the Tribunal supported the assessee's position and emphasized compliance with statutory provisions for claiming deductions under Section 54. Case-Laws Income Tax Thu, 15 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=335914