https://www.taxtmi.com/caselaws?id=428986 ITAT Mumbai allowed the assessee's appeal, holding that exemption under s. 54 is available where the investment in a new residential property is made up to the due date for filing a belated return under s. 139(4). Relying on binding HC precedent, the Tribunal held that the assessee's purchase of a new residential property prior to the s. 139(4) due date, for an amount exceeding the long-term capital gain, satisfied the statutory conditions. Consequently, ITAT set aside the order of CIT(A) and vacated the disallowance of the assessee's claim of exemption under s. 54, granting full relief on the long-term capital gains. en-us Wed, 12 Oct 2022 00:00:00 +0530 Fri, 12 Dec 2025 15:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=428986 ITAT Mumbai allowed the assessee's appeal, holding that exemption under s. 54 is available where the investment in a new residential property is made up to the due date for filing a belated return under s. 139(4). Relying on binding HC precedent, the Tribunal held that the assessee's purchase of a new residential property prior to the s. 139(4) due date, for an amount exceeding the long-term capital gain, satisfied the statutory conditions. Consequently, ITAT set aside the order of CIT(A) and vacated the disallowance of the assessee's claim of exemption under s. 54, granting full relief on the long-term capital gains. Case-Laws Income Tax Wed, 12 Oct 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=428986