https://www.taxtmi.com/caselaws?id=778809 ITAT Kolkata (AT) allowed the taxpayer's appeal, setting aside the CIT(A) order and directing the AO to grant deduction under s.54 (and s.54F) of the Act. The Tribunal held that only payments actually made within one year of the transfer qualify for exemption, and payments made in execution of land acquisition constitute amounts invested in purchase/construction of a residential house. The Tribunal's conclusion followed higher-court precedents and resulted in allowance of the claimed exemption. en-us Tue, 21 Jan 2025 00:00:00 +0530 Tue, 23 Sep 2025 08:29:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778809 ITAT Kolkata (AT) allowed the taxpayer's appeal, setting aside the CIT(A) order and directing the AO to grant deduction under s.54 (and s.54F) of the Act. The Tribunal held that only payments actually made within one year of the transfer qualify for exemption, and payments made in execution of land acquisition constitute amounts invested in purchase/construction of a residential house. The Tribunal's conclusion followed higher-court precedents and resulted in allowance of the claimed exemption. Case-Laws Income Tax Tue, 21 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778809