https://www.taxtmi.com/caselaws?id=283507 The Tribunal upheld the CIT(A)'s decision to allow the deduction under section 54 of the I.T. Act, dismissing the revenue's appeal. It determined that substantial investment of capital gains in a new residential property within the prescribed period suffices for claiming the exemption, regardless of the registration status or completion of construction, emphasizing the taxpayer's bona fide intention to comply with statutory provisions. Legal precedents from various High Courts supported this interpretation, underscoring the importance of intention and substantial compliance over formalities like registration. en-us Mon, 15 Oct 2018 00:00:00 +0530 Thu, 14 Nov 2024 13:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=283507 The Tribunal upheld the CIT(A)'s decision to allow the deduction under section 54 of the I.T. Act, dismissing the revenue's appeal. It determined that substantial investment of capital gains in a new residential property within the prescribed period suffices for claiming the exemption, regardless of the registration status or completion of construction, emphasizing the taxpayer's bona fide intention to comply with statutory provisions. Legal precedents from various High Courts supported this interpretation, underscoring the importance of intention and substantial compliance over formalities like registration. Case-Laws Income Tax Mon, 15 Oct 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=283507