https://www.taxtmi.com/caselaws?id=447352 The Tribunal allowed the appeal, finding that the assessee invested the entire sale proceeds from the property sold in Delhi into a new property in Gurgaon within three months, thus meeting the conditions for exemption under Section 54F. The Assessing Officer's decision to deny the exemption based on the timing of the property acquisition was overturned. Consequently, the Tribunal set aside the penalty proceedings initiated under Section 271(1)(c) of the Income Tax Act, 1961, as the assessee's actions were in compliance with the relevant provisions and CBDT guidelines. en-us Thu, 21 Dec 2023 00:00:00 +0530 Sat, 23 Dec 2023 13:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=447352 The Tribunal allowed the appeal, finding that the assessee invested the entire sale proceeds from the property sold in Delhi into a new property in Gurgaon within three months, thus meeting the conditions for exemption under Section 54F. The Assessing Officer's decision to deny the exemption based on the timing of the property acquisition was overturned. Consequently, the Tribunal set aside the penalty proceedings initiated under Section 271(1)(c) of the Income Tax Act, 1961, as the assessee's actions were in compliance with the relevant provisions and CBDT guidelines. Case-Laws Income Tax Thu, 21 Dec 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=447352