https://www.taxtmi.com/caselaws?id=16744 The High Court of Madras ruled in favor of the assessee, affirming the decision of the Appellate Tribunal that the individual was entitled to the benefit of section 54 of the Income-tax Act, 1961. The Court held that the property sold was mainly used for residential purposes, and the new property purchased was intended for the assessee's residence. The Court emphasized that the assessee met the requirements for exemption under section 54, rejecting the Revenue's arguments. The decision favored the assessee, and no costs were awarded in the case. en-us Fri, 12 Jun 1998 00:00:00 +0530 Wed, 09 Sep 2009 17:28:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16744 The High Court of Madras ruled in favor of the assessee, affirming the decision of the Appellate Tribunal that the individual was entitled to the benefit of section 54 of the Income-tax Act, 1961. The Court held that the property sold was mainly used for residential purposes, and the new property purchased was intended for the assessee's residence. The Court emphasized that the assessee met the requirements for exemption under section 54, rejecting the Revenue's arguments. The decision favored the assessee, and no costs were awarded in the case. Case-Laws Income Tax Fri, 12 Jun 1998 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16744