https://www.taxtmi.com/caselaws?id=35960 The High Court upheld the assessee's entitlement to exemption under section 54 of the Income Tax Act, 1961. The Court determined that the new residential property constructed by the assessee met the conditions for exemption as it was used for residential purposes and the assessee had invested more than the capital gain amount in the construction. The Court held that the term "house property" includes independent residential units, and therefore, the assessee was eligible for the exemption. The Court directed the Commissioner to pay the costs, ruling in favor of the assessee. en-us Thu, 30 Apr 1981 00:00:00 +0530 Thu, 18 Mar 2010 11:54:12 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=35960 The High Court upheld the assessee's entitlement to exemption under section 54 of the Income Tax Act, 1961. The Court determined that the new residential property constructed by the assessee met the conditions for exemption as it was used for residential purposes and the assessee had invested more than the capital gain amount in the construction. The Court held that the term "house property" includes independent residential units, and therefore, the assessee was eligible for the exemption. The Court directed the Commissioner to pay the costs, ruling in favor of the assessee. Case-Laws Income Tax Thu, 30 Apr 1981 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=35960