https://www.taxtmi.com/caselaws?id=274513 The appellant contested the denial of exemption under section 54 of the Income Tax Act for Long Term Capital Gain. The Assessing Officer based the denial on the timing of the purchase agreement for a flat, which was deemed to be before the sale of the property, thus not meeting the criteria for exemption. The disagreement revolved around the interpretation of the timeline for investing capital gain in a house property, with the appellant arguing for eligibility based on possession dates. Ultimately, the court ruled in favor of the appellant, considering the interpretation of relevant legal provisions and case laws. en-us Fri, 26 Sep 2014 00:00:00 +0530 Sun, 19 Aug 2018 11:45:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274513 The appellant contested the denial of exemption under section 54 of the Income Tax Act for Long Term Capital Gain. The Assessing Officer based the denial on the timing of the purchase agreement for a flat, which was deemed to be before the sale of the property, thus not meeting the criteria for exemption. The disagreement revolved around the interpretation of the timeline for investing capital gain in a house property, with the appellant arguing for eligibility based on possession dates. Ultimately, the court ruled in favor of the appellant, considering the interpretation of relevant legal provisions and case laws. Case-Laws Income Tax Fri, 26 Sep 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274513