https://www.taxtmi.com/caselaws?id=756789 ITAT Ahmedabad allowed the assessee's appeal, granting exemption under section 54 despite failure to deposit unutilized capital gains in a separate account and late filing of return under section 139(4). The tribunal held that utilizing funds other than sale consideration for constructing a new residential house does not disqualify the exemption claim. The court clarified that section 54 only requires completion of residential house construction, not commencement date, and that belated return filing under section 139(4) does not preclude section 54 benefits. The addition made by the assessing officer was deleted. en-us Wed, 07 Aug 2024 00:00:00 +0530 Thu, 08 Aug 2024 17:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756789 ITAT Ahmedabad allowed the assessee's appeal, granting exemption under section 54 despite failure to deposit unutilized capital gains in a separate account and late filing of return under section 139(4). The tribunal held that utilizing funds other than sale consideration for constructing a new residential house does not disqualify the exemption claim. The court clarified that section 54 only requires completion of residential house construction, not commencement date, and that belated return filing under section 139(4) does not preclude section 54 benefits. The addition made by the assessing officer was deleted. Case-Laws Income Tax Wed, 07 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756789