https://www.taxtmi.com/caselaws?id=390543 The Tribunal allowed the appeal, granting the deduction under Section 54 of the Income-tax Act, 1961. The assessee fulfilled the requirements of Section 54(1) by purchasing a new residential house within the stipulated period, negating the need for compliance with Section 54(2). The decision was based on precedents indicating that the unutilized capital gain did not need to be deposited in a designated bank account if utilized in purchasing a new asset within the prescribed time. en-us Mon, 30 Dec 2019 00:00:00 +0530 Sat, 04 Jan 2020 22:28:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=390543 The Tribunal allowed the appeal, granting the deduction under Section 54 of the Income-tax Act, 1961. The assessee fulfilled the requirements of Section 54(1) by purchasing a new residential house within the stipulated period, negating the need for compliance with Section 54(2). The decision was based on precedents indicating that the unutilized capital gain did not need to be deposited in a designated bank account if utilized in purchasing a new asset within the prescribed time. Case-Laws Income Tax Mon, 30 Dec 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=390543