https://www.taxtmi.com/caselaws?id=449891 The ITAT Delhi denied the assessee's claim for exemption under Section 54 for long-term capital gains. Despite an agreement dated 18/02/2014 granting full rights to use, hold, enjoy, sell, and mortgage the property, the assessee failed to purchase any new property within the statutory timeframe. The assessee's conflicting claims about purchasing a bare-shell flat in 2016 lacked documentary support. Since the assessee did not acquire or construct a residential house within the prescribed period of one year before or two years after the transfer of the old house, the tribunal upheld the lower authorities' decision denying the Section 54 deduction. en-us Tue, 20 Feb 2024 00:00:00 +0530 Thu, 22 Feb 2024 08:20:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=449891 The ITAT Delhi denied the assessee's claim for exemption under Section 54 for long-term capital gains. Despite an agreement dated 18/02/2014 granting full rights to use, hold, enjoy, sell, and mortgage the property, the assessee failed to purchase any new property within the statutory timeframe. The assessee's conflicting claims about purchasing a bare-shell flat in 2016 lacked documentary support. Since the assessee did not acquire or construct a residential house within the prescribed period of one year before or two years after the transfer of the old house, the tribunal upheld the lower authorities' decision denying the Section 54 deduction. Case-Laws Income Tax Tue, 20 Feb 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=449891