https://www.taxtmi.com/caselaws?id=754873 ITAT Ahmedabad allowed the assessee's appeal for exemption u/s 54 regarding investment in new residential property. The AO initially denied the claim, stating no residential property was purchased against capital gains from property sale. However, relying on SC precedent in Sanjeev Lal case, ITAT held that where agreement to sell was executed and new residential property purchased within prescribed time, valid transfer occurred under Section 2(47) despite delayed sale deed execution due to competent authority's order. The registered sale and purchase deeds with registration fees and municipal tax payments in assessee's name justified granting Section 54 relief. en-us Fri, 14 Jun 2024 00:00:00 +0530 Tue, 02 Jul 2024 10:49:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=754873 ITAT Ahmedabad allowed the assessee's appeal for exemption u/s 54 regarding investment in new residential property. The AO initially denied the claim, stating no residential property was purchased against capital gains from property sale. However, relying on SC precedent in Sanjeev Lal case, ITAT held that where agreement to sell was executed and new residential property purchased within prescribed time, valid transfer occurred under Section 2(47) despite delayed sale deed execution due to competent authority's order. The registered sale and purchase deeds with registration fees and municipal tax payments in assessee's name justified granting Section 54 relief. Case-Laws Income Tax Fri, 14 Jun 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=754873