https://www.taxtmi.com/caselaws?id=753041 ITAT Mumbai ruled on LTCG exemption under Section 54 where construction had not commenced within three years. The tribunal acknowledged housing project delays beyond purchaser control and held that the assessee should receive exemption for Rs. 50,86,472 actually utilized for new residential property purchase. The AO was directed to restrict addition only to the unutilized balance amount rather than the entire LTCG of Rs. 99,35,840, recognizing partial exemption entitlement despite construction delays. en-us Tue, 21 May 2024 00:00:00 +0530 Thu, 23 May 2024 08:37:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753041 ITAT Mumbai ruled on LTCG exemption under Section 54 where construction had not commenced within three years. The tribunal acknowledged housing project delays beyond purchaser control and held that the assessee should receive exemption for Rs. 50,86,472 actually utilized for new residential property purchase. The AO was directed to restrict addition only to the unutilized balance amount rather than the entire LTCG of Rs. 99,35,840, recognizing partial exemption entitlement despite construction delays. Case-Laws Income Tax Tue, 21 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753041