https://www.taxtmi.com/caselaws?id=418235 The appellate tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee regarding the interpretation and application of Section 54 of the Income Tax Act, 1961. The tribunal found that the assessee had met the statutory requirements for availing the deduction under Section 54, despite delays in possession attributed to the builder. The tribunal emphasized that substantial compliance with the investment conditions within the prescribed period sufficed for claiming the exemption. The revenue's appeal was dismissed, and the CIT(A)'s order allowing the deduction under Section 54 was upheld. en-us Tue, 01 Feb 2022 00:00:00 +0530 Fri, 11 Feb 2022 07:22:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=418235 The appellate tribunal upheld the CIT(A)'s decision, ruling in favor of the assessee regarding the interpretation and application of Section 54 of the Income Tax Act, 1961. The tribunal found that the assessee had met the statutory requirements for availing the deduction under Section 54, despite delays in possession attributed to the builder. The tribunal emphasized that substantial compliance with the investment conditions within the prescribed period sufficed for claiming the exemption. The revenue's appeal was dismissed, and the CIT(A)'s order allowing the deduction under Section 54 was upheld. Case-Laws Income Tax Tue, 01 Feb 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=418235