https://www.taxtmi.com/caselaws?id=355442 The Tribunal ruled in favor of the assessee, allowing the exemption under Section 54 of the Income Tax Act. The Tribunal emphasized that the investment made by the assessee in a new house within the stipulated period aligned with the objective of promoting the purchase and construction of residential houses. Additionally, the Tribunal highlighted that the failure to deposit the capital gains in a specified account before the due date for filing the return did not negate the exemption, as the substantive right provided by Section 54(1) should prevail over procedural requirements. en-us Mon, 05 Feb 2018 00:00:00 +0530 Fri, 15 May 2026 16:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=355442 The Tribunal ruled in favor of the assessee, allowing the exemption under Section 54 of the Income Tax Act. The Tribunal emphasized that the investment made by the assessee in a new house within the stipulated period aligned with the objective of promoting the purchase and construction of residential houses. Additionally, the Tribunal highlighted that the failure to deposit the capital gains in a specified account before the due date for filing the return did not negate the exemption, as the substantive right provided by Section 54(1) should prevail over procedural requirements. Case-Laws Income Tax Mon, 05 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=355442