https://www.taxtmi.com/caselaws?id=797397 Section 54 exemption should be construed liberally where capital gains are invested in a new residential house within the prescribed period. Investment in a fifty per cent share of a new residential property before the extended return-filing date, exceeding the capital gain, constitutes substantive compliance. Failure to deposit the unutilised amount in the Capital Gains Account Scheme by the due date under section 139(1) is a procedural lapse that does not defeat the exemption when the investment is genuine and timely. The section 54 deduction was therefore available, and the disallowance was deleted. en-us Tue, 18 Aug 2026 00:00:00 +0530 Fri, 21 Aug 2026 08:28:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=797397 Section 54 exemption should be construed liberally where capital gains are invested in a new residential house within the prescribed period. Investment in a fifty per cent share of a new residential property before the extended return-filing date, exceeding the capital gain, constitutes substantive compliance. Failure to deposit the unutilised amount in the Capital Gains Account Scheme by the due date under section 139(1) is a procedural lapse that does not defeat the exemption when the investment is genuine and timely. The section 54 deduction was therefore available, and the disallowance was deleted. Case-Laws Income Tax Tue, 18 Aug 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=797397