https://www.taxtmi.com/caselaws?id=389260 The Tribunal upheld the denial of exemption under section 54 of the Income-tax Act due to non-completion of construction within the stipulated period. Additionally, it directed a reassessment of the long term capital gain computation to ensure accurate valuation and indexing based on the fair market value and construction costs. The appeal was partly allowed, emphasizing the importance of meeting statutory requirements for tax exemptions and precise valuation methods for capital gains calculations. en-us Wed, 13 Nov 2019 00:00:00 +0530 Wed, 04 Dec 2019 12:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=389260 The Tribunal upheld the denial of exemption under section 54 of the Income-tax Act due to non-completion of construction within the stipulated period. Additionally, it directed a reassessment of the long term capital gain computation to ensure accurate valuation and indexing based on the fair market value and construction costs. The appeal was partly allowed, emphasizing the importance of meeting statutory requirements for tax exemptions and precise valuation methods for capital gains calculations. Case-Laws Income Tax Wed, 13 Nov 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=389260