https://www.taxtmi.com/caselaws?id=396549 The ITAT Delhi allowed the Assessee's appeal, overturning the denial of exemption under section 54 of the Income Tax Act for long term capital gains on the sale of residential properties. Relying on precedents from the Mumbai Tribunal, the ITAT held that exemption is available even if capital gains from the sale of multiple properties are invested in a single new residential house, as long as all conditions of section 54 are met individually for each sale. The Assessee's appeal was partly allowed, leading to the deletion of the entire addition to the tax liability. en-us Tue, 07 Jul 2020 00:00:00 +0530 Mon, 28 Dec 2020 17:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396549 The ITAT Delhi allowed the Assessee's appeal, overturning the denial of exemption under section 54 of the Income Tax Act for long term capital gains on the sale of residential properties. Relying on precedents from the Mumbai Tribunal, the ITAT held that exemption is available even if capital gains from the sale of multiple properties are invested in a single new residential house, as long as all conditions of section 54 are met individually for each sale. The Assessee's appeal was partly allowed, leading to the deletion of the entire addition to the tax liability. Case-Laws Income Tax Tue, 07 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396549