https://www.taxtmi.com/caselaws?id=36214 The High Court held that the exemption under section 54 of the Income-tax Act was not applicable as the new house property was not constructed within the specified period after the transfer of the capital asset. Despite arguments regarding possession and transactional features, the Court emphasized that completion of construction within the timeframe was crucial. The Court ruled in favor of the revenue, directing the assessee to pay the costs of the reference. en-us Mon, 23 Jun 1980 00:00:00 +0530 Sat, 20 Mar 2010 11:03:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=36214 The High Court held that the exemption under section 54 of the Income-tax Act was not applicable as the new house property was not constructed within the specified period after the transfer of the capital asset. Despite arguments regarding possession and transactional features, the Court emphasized that completion of construction within the timeframe was crucial. The Court ruled in favor of the revenue, directing the assessee to pay the costs of the reference. Case-Laws Income Tax Mon, 23 Jun 1980 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=36214