https://www.taxtmi.com/caselaws?id=397951 The case involved a dispute over exemption claims under sections 54B and 54F of the Income-tax Act, 1961, regarding property transactions. The CIT(A) upheld the disallowance of exemptions, ruling that the assessees were ineligible due to lack of ownership during the sale. The Partition Deed transferring property interest to the assessees' sons before the sale impacted ownership rights, leading to the denial of capital gain computation and exemption allowance. The judgment affirmed the assessees' right to raise new claims during appeal and directed the consideration of amounts received for extinguishing property rights as capital gains. en-us Mon, 31 Aug 2020 00:00:00 +0530 Wed, 02 Sep 2020 13:18:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=397951 The case involved a dispute over exemption claims under sections 54B and 54F of the Income-tax Act, 1961, regarding property transactions. The CIT(A) upheld the disallowance of exemptions, ruling that the assessees were ineligible due to lack of ownership during the sale. The Partition Deed transferring property interest to the assessees' sons before the sale impacted ownership rights, leading to the denial of capital gain computation and exemption allowance. The judgment affirmed the assessees' right to raise new claims during appeal and directed the consideration of amounts received for extinguishing property rights as capital gains. Case-Laws Income Tax Mon, 31 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=397951