https://www.taxtmi.com/caselaws?id=438943 The Tribunal allowed the appeal, directing the AO to grant the exemption under Section 54F. It held that the actual consideration received should be considered for Section 54F purposes, not the value under Section 50C. The Tribunal emphasized that the entire actual sale consideration was invested in the new house, supporting the assessee's entitlement to deductions and rejecting partial disallowance. The AO was instructed to adopt the cost of construction as declared by the assessee and base it on reliable evidence, not arbitrary estimations. en-us Tue, 30 May 2023 00:00:00 +0530 Mon, 18 Sep 2023 11:18:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=438943 The Tribunal allowed the appeal, directing the AO to grant the exemption under Section 54F. It held that the actual consideration received should be considered for Section 54F purposes, not the value under Section 50C. The Tribunal emphasized that the entire actual sale consideration was invested in the new house, supporting the assessee's entitlement to deductions and rejecting partial disallowance. The AO was instructed to adopt the cost of construction as declared by the assessee and base it on reliable evidence, not arbitrary estimations. Case-Laws Income Tax Tue, 30 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=438943