https://www.taxtmi.com/caselaws?id=799778 Capital-gains exemption for investment in a new residential house is governed by the provision applicable to the nature of the transferred asset, not merely by an incorrect statutory reference in the return. Where land was transferred and the record established the transaction, qualifying investment within the prescribed period, and disclosure of the claim, exemption under Section 54F could be considered despite an untenable claim under Section 54. The bar on an Assessing Officer accepting a fresh claim without a revised return does not limit appellate jurisdiction to admit a correctly described claim where all relevant facts are already on record. The capital-gains addition was therefore liable to be deleted. en-us Wed, 16 Sep 2026 00:00:00 +0530 Sat, 26 Sep 2026 08:31:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=799778 Capital-gains exemption for investment in a new residential house is governed by the provision applicable to the nature of the transferred asset, not merely by an incorrect statutory reference in the return. Where land was transferred and the record established the transaction, qualifying investment within the prescribed period, and disclosure of the claim, exemption under Section 54F could be considered despite an untenable claim under Section 54. The bar on an Assessing Officer accepting a fresh claim without a revised return does not limit appellate jurisdiction to admit a correctly described claim where all relevant facts are already on record. The capital-gains addition was therefore liable to be deleted. Case-Laws Income Tax Wed, 16 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=799778