https://www.taxtmi.com/caselaws?id=425339 The Tribunal allowed the appeal partly, condoning the delay in filing and granting exemption under Section 54 of the Income Tax Act. The delay in filing the appeal was attributed to reasons beyond the assessee's control, leading to its admission for consideration. Despite the initial disallowance of the exemption claim by the Assessing Officer and CIT(A), the Tribunal held that the assessee's utilization of capital gains within the specified period met the conditions for exemption, directing the allowance of Rs. 1,26,00,000. en-us Tue, 19 Jul 2022 00:00:00 +0530 Wed, 20 Jul 2022 13:24:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425339 The Tribunal allowed the appeal partly, condoning the delay in filing and granting exemption under Section 54 of the Income Tax Act. The delay in filing the appeal was attributed to reasons beyond the assessee's control, leading to its admission for consideration. Despite the initial disallowance of the exemption claim by the Assessing Officer and CIT(A), the Tribunal held that the assessee's utilization of capital gains within the specified period met the conditions for exemption, directing the allowance of Rs. 1,26,00,000. Case-Laws Income Tax Tue, 19 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425339