https://www.taxtmi.com/caselaws?id=27246 The High Court of Gujarat upheld the assessee's entitlement to pro rata exemption from capital gains under section 54 of the Income-tax Act, 1961. The Court emphasized that the new property need not be exclusively used for residential purposes, highlighting the importance of the assessee's intention and occupation of a substantial portion of the property. Referring to established principles and a similar view by the Delhi High Court, the Court ruled in favor of the assessee, affirming the Tribunal's decision and directing the Commissioner to pay the costs of the reference to the assessee. en-us Fri, 28 Jun 1985 00:00:00 +0530 Thu, 11 Feb 2010 16:37:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27246 The High Court of Gujarat upheld the assessee's entitlement to pro rata exemption from capital gains under section 54 of the Income-tax Act, 1961. The Court emphasized that the new property need not be exclusively used for residential purposes, highlighting the importance of the assessee's intention and occupation of a substantial portion of the property. Referring to established principles and a similar view by the Delhi High Court, the Court ruled in favor of the assessee, affirming the Tribunal's decision and directing the Commissioner to pay the costs of the reference to the assessee. Case-Laws Income Tax Fri, 28 Jun 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27246