https://www.taxtmi.com/caselaws?id=397369 The Tribunal upheld the CIT(A)'s decision, allowing the assessee's deduction claim under section 54 for purchasing a new house despite not depositing the amount in CGAS within the due date. The Tribunal emphasized substantial compliance with section 54(1) over procedural lapses, concluding the assessee met the requirements by purchasing the new property before the due date for filing the return. The Revenue's appeal was dismissed, and the assessee's cross objections were allowed, affirming the deduction eligibility under section 54. en-us Mon, 20 Jul 2020 00:00:00 +0530 Fri, 15 May 2026 16:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397369 The Tribunal upheld the CIT(A)'s decision, allowing the assessee's deduction claim under section 54 for purchasing a new house despite not depositing the amount in CGAS within the due date. The Tribunal emphasized substantial compliance with section 54(1) over procedural lapses, concluding the assessee met the requirements by purchasing the new property before the due date for filing the return. The Revenue's appeal was dismissed, and the assessee's cross objections were allowed, affirming the deduction eligibility under section 54. Case-Laws Income Tax Mon, 20 Jul 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397369