https://www.taxtmi.com/caselaws?id=276615 The High Court of Andhra Pradesh ruled in favor of the assessee, holding that the crucial factor for exemption under section 54(1) of the Income-tax Act, 1961 was the actual possession and control of the property within one year, not just the registration date. Despite a delay in registration, the assessee acquired domain and control of the new property within the statutory period, fulfilling the conditions for exemption. The Court concluded that the new residential property was purchased within the required timeframe, overturning the decision of the Income Tax Officer and the Appellate Authority. en-us Mon, 21 Mar 1988 00:00:00 +0530 Wed, 14 Nov 2018 16:59:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=276615 The High Court of Andhra Pradesh ruled in favor of the assessee, holding that the crucial factor for exemption under section 54(1) of the Income-tax Act, 1961 was the actual possession and control of the property within one year, not just the registration date. Despite a delay in registration, the assessee acquired domain and control of the new property within the statutory period, fulfilling the conditions for exemption. The Court concluded that the new residential property was purchased within the required timeframe, overturning the decision of the Income Tax Officer and the Appellate Authority. Case-Laws Income Tax Mon, 21 Mar 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=276615