https://www.taxtmi.com/caselaws?id=760604 The ITAT Bangalore dismissed the Revenue's appeal regarding LTCG exemption under section 54. The assessee had invested capital gains in constructing a residential house property that remained incomplete. The CIT(A) had allowed the exemption based on amounts utilized for construction despite the property being under construction. The ITAT upheld this decision, relying on the precedent set in C. Gopalaswamy case by the Karnataka HC, ruling that exemption under section 54 is available even when construction is ongoing and not yet completed. en-us Mon, 21 Oct 2024 00:00:00 +0530 Wed, 23 Oct 2024 09:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=760604 The ITAT Bangalore dismissed the Revenue's appeal regarding LTCG exemption under section 54. The assessee had invested capital gains in constructing a residential house property that remained incomplete. The CIT(A) had allowed the exemption based on amounts utilized for construction despite the property being under construction. The ITAT upheld this decision, relying on the precedent set in C. Gopalaswamy case by the Karnataka HC, ruling that exemption under section 54 is available even when construction is ongoing and not yet completed. Case-Laws Income Tax Mon, 21 Oct 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=760604