https://www.taxtmi.com/caselaws?id=411814 The Tribunal partly allowed the revenue's appeal, granting the assessee a proportionate deduction of Rs. 1,22,58,148 under Section 54 of the Income Tax Act, 1961, instead of the full amount claimed. The judgment emphasized the necessity of compliance with stipulated conditions for claiming deductions, balancing the assessee's genuine intention to invest in a new residential property with statutory requirements. The decision considered the impact of pending litigation on the fulfillment of conditions, providing a fair resolution in light of the circumstances. en-us Tue, 31 Aug 2021 00:00:00 +0530 Fri, 03 Sep 2021 09:07:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=411814 The Tribunal partly allowed the revenue's appeal, granting the assessee a proportionate deduction of Rs. 1,22,58,148 under Section 54 of the Income Tax Act, 1961, instead of the full amount claimed. The judgment emphasized the necessity of compliance with stipulated conditions for claiming deductions, balancing the assessee's genuine intention to invest in a new residential property with statutory requirements. The decision considered the impact of pending litigation on the fulfillment of conditions, providing a fair resolution in light of the circumstances. Case-Laws Income Tax Tue, 31 Aug 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=411814