https://www.taxtmi.com/caselaws?id=773351 The Tribunal allowed the assessee's appeal regarding Section 54F exemption on long-term capital gains from urban agricultural land sale. The AO had denied exemption claiming investment in residential plot (not constructed house) was insufficient and required Capital Gains Account Scheme deposit. The Tribunal held that Section 54F exemption applies to residential plot investment within prescribed timeframes, emphasizing plot cost forms part of house cost. CGAS deposit was deemed unnecessary when entire proceeds were already invested before return filing. The Tribunal rejected the AO's narrow interpretation and remanded the matter for fresh capital gains computation, directing adequate hearing opportunity for the assessee. en-us Fri, 30 May 2025 00:00:00 +0530 Sat, 21 Jun 2025 08:28:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=773351 The Tribunal allowed the assessee's appeal regarding Section 54F exemption on long-term capital gains from urban agricultural land sale. The AO had denied exemption claiming investment in residential plot (not constructed house) was insufficient and required Capital Gains Account Scheme deposit. The Tribunal held that Section 54F exemption applies to residential plot investment within prescribed timeframes, emphasizing plot cost forms part of house cost. CGAS deposit was deemed unnecessary when entire proceeds were already invested before return filing. The Tribunal rejected the AO's narrow interpretation and remanded the matter for fresh capital gains computation, directing adequate hearing opportunity for the assessee. Case-Laws Income Tax Fri, 30 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=773351