https://www.taxtmi.com/caselaws?id=39198 The High Court held that the capital gain earned by the assessee was exempt from tax under section 54 of the Income-tax Act. The Court emphasized that the new property need not be used exclusively for residence, and the predominant intention of the assessee at the time of purchase was crucial. The decision favored the assessee, and the Commissioner was directed to pay the costs of the reference to the assessee. en-us Mon, 19 Jan 1976 00:00:00 +0530 Tue, 13 Apr 2010 16:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=39198 The High Court held that the capital gain earned by the assessee was exempt from tax under section 54 of the Income-tax Act. The Court emphasized that the new property need not be used exclusively for residence, and the predominant intention of the assessee at the time of purchase was crucial. The decision favored the assessee, and the Commissioner was directed to pay the costs of the reference to the assessee. Case-Laws Income Tax Mon, 19 Jan 1976 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=39198