https://www.taxtmi.com/caselaws?id=443065 The case involved the admissibility of exemption from long-term capital gains under section 54 of the Income-tax Act, 1961. The Assessing Officer initially denied the exemption, citing a delayed agreement to purchase a new property. The CIT (A) upheld this decision, rejecting the claim. However, the ITAT Delhi allowed the appeal, considering the agreement as one for construction rather than purchase, thus granting the exemption based on the timely completion of the new property. This case emphasizes the importance of adhering to statutory provisions and the interpretation of transactional timelines for claiming exemptions under the Income-tax Act. en-us Wed, 13 Sep 2023 00:00:00 +0530 Fri, 15 Sep 2023 08:54:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=443065 The case involved the admissibility of exemption from long-term capital gains under section 54 of the Income-tax Act, 1961. The Assessing Officer initially denied the exemption, citing a delayed agreement to purchase a new property. The CIT (A) upheld this decision, rejecting the claim. However, the ITAT Delhi allowed the appeal, considering the agreement as one for construction rather than purchase, thus granting the exemption based on the timely completion of the new property. This case emphasizes the importance of adhering to statutory provisions and the interpretation of transactional timelines for claiming exemptions under the Income-tax Act. Case-Laws Income Tax Wed, 13 Sep 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=443065