https://www.taxtmi.com/caselaws?id=198586 The High Court allowed the appeal, overturning the Tribunal's decision and reinstating the lower appellate authority's ruling in favor of the appellant. The Court determined that the appellant's purchase of two residential properties was a legitimate investment of sale proceeds, contrary to the Tribunal's interpretation. The Court emphasized that the term "a residential house" in Section 54 can encompass plural interpretations, and each case must be assessed individually to prevent tax evasion. The appellant was deemed entitled to the benefit under Section 54 for the second property purchase. en-us Fri, 04 Jul 2014 00:00:00 +0530 Mon, 05 Feb 2018 07:04:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198586 The High Court allowed the appeal, overturning the Tribunal's decision and reinstating the lower appellate authority's ruling in favor of the appellant. The Court determined that the appellant's purchase of two residential properties was a legitimate investment of sale proceeds, contrary to the Tribunal's interpretation. The Court emphasized that the term "a residential house" in Section 54 can encompass plural interpretations, and each case must be assessed individually to prevent tax evasion. The appellant was deemed entitled to the benefit under Section 54 for the second property purchase. Case-Laws Income Tax Fri, 04 Jul 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198586