https://www.taxtmi.com/caselaws?id=17506 The court upheld the Tribunal's decision, denying the assessee relief under section 54 of the Income-tax Act, 1961, as the property was not continuously used for own residence for two years before the transfer. The judgment emphasized the necessity of continuous two-year occupation for claiming exemption on capital gains from property sale under section 54, rejecting the argument that any period of occupation within two years sufficed. The court stressed strict compliance with statutory conditions for exemptions and relied on previous judicial interpretations to support its decision. en-us Fri, 28 Feb 1997 00:00:00 +0530 Wed, 23 Sep 2009 10:16:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17506 The court upheld the Tribunal's decision, denying the assessee relief under section 54 of the Income-tax Act, 1961, as the property was not continuously used for own residence for two years before the transfer. The judgment emphasized the necessity of continuous two-year occupation for claiming exemption on capital gains from property sale under section 54, rejecting the argument that any period of occupation within two years sufficed. The court stressed strict compliance with statutory conditions for exemptions and relied on previous judicial interpretations to support its decision. Case-Laws Income Tax Fri, 28 Feb 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17506