https://www.taxtmi.com/caselaws?id=398925 The Tribunal ruled in favor of the assessee, allowing the appeal on all issues. It determined that the compensation received from the builder should be treated as Long Term Capital Gains, not "Income from Other Sources," thus qualifying the assessee for exemption under Section 54. The Tribunal validated the allotment letter as evidence of ownership and corrected the compensation amount to Rs. 48,75,000. The decision was based on a detailed review of the allotment letter, bank statements, and applicable case law, confirming the assessee's entitlement to the exemption for reinvesting in a new residential property. en-us Fri, 28 Aug 2020 00:00:00 +0530 Tue, 05 Nov 2024 12:35:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398925 The Tribunal ruled in favor of the assessee, allowing the appeal on all issues. It determined that the compensation received from the builder should be treated as Long Term Capital Gains, not "Income from Other Sources," thus qualifying the assessee for exemption under Section 54. The Tribunal validated the allotment letter as evidence of ownership and corrected the compensation amount to Rs. 48,75,000. The decision was based on a detailed review of the allotment letter, bank statements, and applicable case law, confirming the assessee's entitlement to the exemption for reinvesting in a new residential property. Case-Laws Income Tax Fri, 28 Aug 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398925