https://www.taxtmi.com/caselaws?id=26286 The High Court of Karnataka ruled in favor of the assessee in a case involving the interpretation of section 54 of the Income-tax Act, 1961. The court held that the requirement of "in the two years immediately preceding the date on which the transfer took place" did not necessitate continuous residence for two years. As the assessee met all other conditions of section 54, the court granted the exemption claimed, contrary to the Revenue's argument. The court directed each party to bear their own costs. en-us Tue, 08 Oct 1985 00:00:00 +0530 Thu, 04 Feb 2010 10:38:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=26286 The High Court of Karnataka ruled in favor of the assessee in a case involving the interpretation of section 54 of the Income-tax Act, 1961. The court held that the requirement of "in the two years immediately preceding the date on which the transfer took place" did not necessitate continuous residence for two years. As the assessee met all other conditions of section 54, the court granted the exemption claimed, contrary to the Revenue's argument. The court directed each party to bear their own costs. Case-Laws Income Tax Tue, 08 Oct 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=26286