https://www.taxtmi.com/caselaws?id=340672 The tribunal allowed the appeal of the assessee, directing the Assessing Officer to grant the exemption under Section 54F for the amount invested before the filing of the income tax return. The disallowance of exemption for purchasing property in the individual name of the Karta was overturned, considering it an investment by the HUF. Additionally, using borrowed funds for purchasing the new asset before the sale of the capital asset was deemed acceptable. The disallowance of renovation expenditure for lack of approval from the Corporation of Chennai was also rejected, emphasizing that renovation to make a building habitable should be considered part of the investment from the capital gain. en-us Tue, 31 Jan 2017 00:00:00 +0530 Fri, 24 Mar 2017 12:50:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=340672 The tribunal allowed the appeal of the assessee, directing the Assessing Officer to grant the exemption under Section 54F for the amount invested before the filing of the income tax return. The disallowance of exemption for purchasing property in the individual name of the Karta was overturned, considering it an investment by the HUF. Additionally, using borrowed funds for purchasing the new asset before the sale of the capital asset was deemed acceptable. The disallowance of renovation expenditure for lack of approval from the Corporation of Chennai was also rejected, emphasizing that renovation to make a building habitable should be considered part of the investment from the capital gain. Case-Laws Income Tax Tue, 31 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=340672