https://www.taxtmi.com/caselaws?id=57722 The Appellate Tribunal ITAT Bangalore ruled in favor of the assessee in a case concerning exemption under section 54E of the Income Tax Act for capital gains tax on compensation received for acquired properties. The Tribunal held that legal ownership transferred to the Government upon acquisition, and physical possession was not a prerequisite for the transfer. It found that the assessee fulfilled the conditions of section 54E by depositing the compensation within the stipulated period, despite delays, and granted exemption from capital gains tax. en-us Thu, 30 Jan 1986 00:00:00 +0530 Mon, 13 Dec 2010 11:40:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57722 The Appellate Tribunal ITAT Bangalore ruled in favor of the assessee in a case concerning exemption under section 54E of the Income Tax Act for capital gains tax on compensation received for acquired properties. The Tribunal held that legal ownership transferred to the Government upon acquisition, and physical possession was not a prerequisite for the transfer. It found that the assessee fulfilled the conditions of section 54E by depositing the compensation within the stipulated period, despite delays, and granted exemption from capital gains tax. Case-Laws Income Tax Thu, 30 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57722