https://www.taxtmi.com/caselaws?id=471636 Section 54 requires acquisition of a new residential house within the prescribed period but does not require the sale proceeds from the original house to fund that acquisition. The source of funds is immaterial where the statutory purchase condition is satisfied, including where sale proceeds are used as business capital and the replacement house is purchased through borrowed funds. Exemption for the resulting capital gains remains available, and an addition based solely on alleged non-utilisation of sale proceeds is not sustainable. en-us Wed, 11 Apr 2018 00:00:00 +0530 Fri, 11 Sep 2026 18:53:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=471636 Section 54 requires acquisition of a new residential house within the prescribed period but does not require the sale proceeds from the original house to fund that acquisition. The source of funds is immaterial where the statutory purchase condition is satisfied, including where sale proceeds are used as business capital and the replacement house is purchased through borrowed funds. Exemption for the resulting capital gains remains available, and an addition based solely on alleged non-utilisation of sale proceeds is not sustainable. Case-Laws Income Tax Wed, 11 Apr 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=471636