https://www.taxtmi.com/caselaws?id=59498 The Tribunal dismissed the assessee's appeal, upholding the disallowance of the exemption claimed under Section 54F of the Income Tax Act. The Tribunal concluded that the exemption is only applicable if the sale proceeds from the capital asset are used for purchasing the new residential property within the specified period or deposited in a specified account. Since the assessee used borrowed funds for the purchase and the sale proceeds were allocated elsewhere, the full exemption was not granted, and the order of the CIT(A) was affirmed. en-us Thu, 16 Oct 2008 00:00:00 +0530 Sat, 18 Nov 2023 13:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59498 The Tribunal dismissed the assessee's appeal, upholding the disallowance of the exemption claimed under Section 54F of the Income Tax Act. The Tribunal concluded that the exemption is only applicable if the sale proceeds from the capital asset are used for purchasing the new residential property within the specified period or deposited in a specified account. Since the assessee used borrowed funds for the purchase and the sale proceeds were allocated elsewhere, the full exemption was not granted, and the order of the CIT(A) was affirmed. Case-Laws Income Tax Thu, 16 Oct 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59498