https://www.taxtmi.com/caselaws?id=393032 The Tribunal allowed the appeal, overturning the denial of exemption under sections 54/54F of the Income Tax Act, 1961 by the lower authorities. It held that the jurisdiction of the Delhi High Court applied due to the transfer of the case and the assessee's PAN to Delhi. Emphasizing that the property need not be solely in the assessee's name, full exemption was granted as the entire sale proceeds were invested in a property held jointly with the assessee's wife. Consequently, the Tribunal directed the Assessing Officer to adjust the assessment accordingly, deleting the addition to the assessee's income. en-us Mon, 02 Mar 2020 00:00:00 +0530 Wed, 04 Mar 2020 13:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=393032 The Tribunal allowed the appeal, overturning the denial of exemption under sections 54/54F of the Income Tax Act, 1961 by the lower authorities. It held that the jurisdiction of the Delhi High Court applied due to the transfer of the case and the assessee's PAN to Delhi. Emphasizing that the property need not be solely in the assessee's name, full exemption was granted as the entire sale proceeds were invested in a property held jointly with the assessee's wife. Consequently, the Tribunal directed the Assessing Officer to adjust the assessment accordingly, deleting the addition to the assessee's income. Case-Laws Income Tax Mon, 02 Mar 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=393032