https://www.taxtmi.com/caselaws?id=16753 HC held that exemption under section 54 of the Income-tax Act cannot be denied merely because construction of the new residential house commenced prior to the sale of the old residential house. Relying on the Karnataka HC view, it held that the timing of commencement of construction is immaterial so long as the capital gains from the transfer of the old house are invested in the new house within the prescribed period. As the Tribunal had found no failure in such investment and had refused exemption solely on the ground of prior commencement, the referred question was held misconceived and returned unanswered. en-us Tue, 12 Aug 1997 00:00:00 +0530 Sat, 06 Dec 2025 00:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16753 HC held that exemption under section 54 of the Income-tax Act cannot be denied merely because construction of the new residential house commenced prior to the sale of the old residential house. Relying on the Karnataka HC view, it held that the timing of commencement of construction is immaterial so long as the capital gains from the transfer of the old house are invested in the new house within the prescribed period. As the Tribunal had found no failure in such investment and had refused exemption solely on the ground of prior commencement, the referred question was held misconceived and returned unanswered. Case-Laws Income Tax Tue, 12 Aug 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16753