https://www.taxtmi.com/caselaws?id=19005 HC held that the assessee was entitled to exemption of capital gains under s.54, as the investment in the new residential flat constituted "construction" within the prescribed period. Under an agreement with the co-operative housing society, the assessee obtained a specific right to Flat Nos. 7-A and 7-B, had no right of cancellation, and had paid almost the entire cost of construction within two years of transfer of the original asset. Treating this as acquisition of substantial domain and control over the new flat, the HC applied the CBDT's interpretative approach and ruled that the statutory conditions of s.54 were satisfied, allowing the exemption. en-us Tue, 02 Mar 1993 00:00:00 +0530 Thu, 11 Dec 2025 22:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19005 HC held that the assessee was entitled to exemption of capital gains under s.54, as the investment in the new residential flat constituted "construction" within the prescribed period. Under an agreement with the co-operative housing society, the assessee obtained a specific right to Flat Nos. 7-A and 7-B, had no right of cancellation, and had paid almost the entire cost of construction within two years of transfer of the original asset. Treating this as acquisition of substantial domain and control over the new flat, the HC applied the CBDT's interpretative approach and ruled that the statutory conditions of s.54 were satisfied, allowing the exemption. Case-Laws Income Tax Tue, 02 Mar 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19005