https://www.taxtmi.com/caselaws?id=395679 The Tribunal held that non-compliance with a procedural requirement under Section 54(2) of the Income Tax Act does not prevent a taxpayer from benefiting under Section 54 if the mandatory requirement under Section 54(1) is fully complied with within the prescribed time limit. The Tribunal directed the Assessing Officer to allow the total investments made by the taxpayer under Section 54F after verifying whether the investment was utilized for construction within the specified time limit. The appellant's appeal was allowed for statistical purposes, emphasizing the importance of substantive compliance over procedural formalities in claiming capital gains exemptions for property investments. en-us Fri, 29 May 2020 00:00:00 +0530 Fri, 21 Aug 2020 16:14:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=395679 The Tribunal held that non-compliance with a procedural requirement under Section 54(2) of the Income Tax Act does not prevent a taxpayer from benefiting under Section 54 if the mandatory requirement under Section 54(1) is fully complied with within the prescribed time limit. The Tribunal directed the Assessing Officer to allow the total investments made by the taxpayer under Section 54F after verifying whether the investment was utilized for construction within the specified time limit. The appellant's appeal was allowed for statistical purposes, emphasizing the importance of substantive compliance over procedural formalities in claiming capital gains exemptions for property investments. Case-Laws Income Tax Fri, 29 May 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=395679