https://www.taxtmi.com/caselaws?id=15095 The dominant issue was whether exemption under s.54(1) could be allowed by treating the date of an agreement to purchase/construct a residential house as the "date of purchase," where the agreement was executed within one year of sale and substantial instalments were paid within two years. The HC held that s.54(1) relief turns on investment of sale proceeds in acquisition/construction of a residential house for the assessee; it is immaterial whether the assessee constructs personally or through a contractor/third party. Since the Tribunal's view aligned with the statutory purpose and the assessee had invested within the prescribed time, interference was unwarranted; the question was answered in favour of the assessee and against the Revenue. en-us Mon, 06 Mar 2000 00:00:00 +0530 Sat, 03 Jan 2026 11:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=15095 The dominant issue was whether exemption under s.54(1) could be allowed by treating the date of an agreement to purchase/construct a residential house as the "date of purchase," where the agreement was executed within one year of sale and substantial instalments were paid within two years. The HC held that s.54(1) relief turns on investment of sale proceeds in acquisition/construction of a residential house for the assessee; it is immaterial whether the assessee constructs personally or through a contractor/third party. Since the Tribunal's view aligned with the statutory purpose and the assessee had invested within the prescribed time, interference was unwarranted; the question was answered in favour of the assessee and against the Revenue. Case-Laws Income Tax Mon, 06 Mar 2000 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=15095