https://www.taxtmi.com/caselaws?id=8128 The High Court of Gujarat ruled against the assessee in a case concerning the interpretation of section 54 of the Income-tax Act, 1961. The court found that although the old house property met the first condition for exemption, the new building did not qualify as it was not entirely constructed for personal residence. Despite the assessee's argument about future personal use, the immediate purpose of construction was deemed crucial. As a significant part of the new building was let out immediately, the court denied the exemption claim under section 54, directing the assessee to bear the costs of the reference to the Commissioner. en-us Thu, 15 Oct 1970 00:00:00 +0530 Sat, 28 Mar 2009 18:12:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=8128 The High Court of Gujarat ruled against the assessee in a case concerning the interpretation of section 54 of the Income-tax Act, 1961. The court found that although the old house property met the first condition for exemption, the new building did not qualify as it was not entirely constructed for personal residence. Despite the assessee's argument about future personal use, the immediate purpose of construction was deemed crucial. As a significant part of the new building was let out immediately, the court denied the exemption claim under section 54, directing the assessee to bear the costs of the reference to the Commissioner. Case-Laws Income Tax Thu, 15 Oct 1970 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=8128