https://www.taxtmi.com/caselaws?id=279376 The Tribunal allowed the appeal, holding that the appellant is entitled to the deduction under section 54 of the Income Tax Act, despite using borrowed funds for the new property purchase. The Tribunal emphasized that the source of funds is irrelevant as long as the new property is acquired within the specified period, in line with a Bombay High Court decision. The appellant successfully argued that the borrowed funds should not disqualify them from claiming the exemption, ultimately securing the deduction on the capital gain amount. en-us Fri, 13 May 2016 00:00:00 +0530 Fri, 15 Mar 2019 07:31:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279376 The Tribunal allowed the appeal, holding that the appellant is entitled to the deduction under section 54 of the Income Tax Act, despite using borrowed funds for the new property purchase. The Tribunal emphasized that the source of funds is irrelevant as long as the new property is acquired within the specified period, in line with a Bombay High Court decision. The appellant successfully argued that the borrowed funds should not disqualify them from claiming the exemption, ultimately securing the deduction on the capital gain amount. Case-Laws Income Tax Fri, 13 May 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279376