https://www.taxtmi.com/caselaws?id=788979 In reassessment proceedings, a taxpayer may raise a section 54F claim where it is directly connected to the escaped capital gains, and the claim is not barred merely because it was omitted from the original return. The analysis also treats consideration receivable under a joint development agreement, in the form of allotted residential units, as capable of constituting investment in the construction of a new residential house for section 54F purposes. The exemption claim therefore remained open for examination on the remaining statutory conditions, and fresh adjudication by the Assessing Officer was required. en-us Mon, 30 Mar 2026 00:00:00 +0530 Wed, 01 Apr 2026 07:51:07 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=788979 In reassessment proceedings, a taxpayer may raise a section 54F claim where it is directly connected to the escaped capital gains, and the claim is not barred merely because it was omitted from the original return. The analysis also treats consideration receivable under a joint development agreement, in the form of allotted residential units, as capable of constituting investment in the construction of a new residential house for section 54F purposes. The exemption claim therefore remained open for examination on the remaining statutory conditions, and fresh adjudication by the Assessing Officer was required. Case-Laws Income Tax Mon, 30 Mar 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=788979