https://www.taxtmi.com/caselaws?id=783798 The dominant issue was whether exemption under s.54 could be denied and capital gains added in the relevant AY when construction of the new residential house was still ongoing within the statutory three-year period. The Tribunal held that once purchase of land and continuing investment in construction were undisputed, and the prescribed construction period had not expired, the capital gain could not be assessed by disallowing s.54 in that year; a completion certificate indicating completion within the three-year window reinforced this conclusion. Consequently, the appellate order allowing the exemption was upheld and the Revenue's appeal was dismissed. en-us Fri, 14 Nov 2025 00:00:00 +0530 Tue, 23 Dec 2025 07:59:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=783798 The dominant issue was whether exemption under s.54 could be denied and capital gains added in the relevant AY when construction of the new residential house was still ongoing within the statutory three-year period. The Tribunal held that once purchase of land and continuing investment in construction were undisputed, and the prescribed construction period had not expired, the capital gain could not be assessed by disallowing s.54 in that year; a completion certificate indicating completion within the three-year window reinforced this conclusion. Consequently, the appellate order allowing the exemption was upheld and the Revenue's appeal was dismissed. Case-Laws Income Tax Fri, 14 Nov 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=783798