https://www.taxtmi.com/caselaws?id=440398 The Tribunal allowed the appeal, granting the exemption under Section 54 of the Income Tax Act, 1961, as the assessee fulfilled the conditions by obtaining possession of new flats within three years from the sale of the old flat. Additionally, the Tribunal deleted the penalty imposed under Section 271(1)(c), citing that the disallowance of the exemption claim did not warrant a penalty, especially since the transaction was disclosed in good faith and the exemption claim was ultimately allowed. en-us Thu, 15 Jun 2023 00:00:00 +0530 Tue, 18 Jul 2023 08:12:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440398 The Tribunal allowed the appeal, granting the exemption under Section 54 of the Income Tax Act, 1961, as the assessee fulfilled the conditions by obtaining possession of new flats within three years from the sale of the old flat. Additionally, the Tribunal deleted the penalty imposed under Section 271(1)(c), citing that the disallowance of the exemption claim did not warrant a penalty, especially since the transaction was disclosed in good faith and the exemption claim was ultimately allowed. Case-Laws Income Tax Thu, 15 Jun 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440398