https://www.taxtmi.com/caselaws?id=347181 The Tribunal allowed the appeal, granting the exemption under Section 54 of the Income Tax Act, 1961, to the non-resident Indian who invested in a new flat under construction. The Tribunal considered the investment as "construction" rather than "purchase," in line with CBDT Circulars, and accepted the delayed possession due to circumstances beyond the appellant's control. Additionally, the Tribunal permitted the inclusion of interest expenses on borrowed funds in the cost of acquisition for computing Long Term Capital Gains, contrary to the CIT(A)'s decision. en-us Fri, 14 Jul 2017 00:00:00 +0530 Wed, 30 Aug 2017 17:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=347181 The Tribunal allowed the appeal, granting the exemption under Section 54 of the Income Tax Act, 1961, to the non-resident Indian who invested in a new flat under construction. The Tribunal considered the investment as "construction" rather than "purchase," in line with CBDT Circulars, and accepted the delayed possession due to circumstances beyond the appellant's control. Additionally, the Tribunal permitted the inclusion of interest expenses on borrowed funds in the cost of acquisition for computing Long Term Capital Gains, contrary to the CIT(A)'s decision. Case-Laws Income Tax Fri, 14 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=347181