https://www.taxtmi.com/caselaws?id=59651 The Tribunal allowed the appeals, determining that the exemption under section 54 of the Income-tax Act applies to property purchased in a foreign country. It recognized a 150-year lease in the UK as a "purchase" under section 54. Chapter XII-A provisions were deemed inapplicable to the assessee's capital gains. The Tribunal also ruled that borrowed funds could be used for purchasing a new property, not necessarily the actual sale proceeds. Consequently, the orders of the CIT(A) and Assessing Officer were set aside, favoring the assessee. en-us Tue, 29 Nov 2005 00:00:00 +0530 Thu, 04 Apr 2024 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59651 The Tribunal allowed the appeals, determining that the exemption under section 54 of the Income-tax Act applies to property purchased in a foreign country. It recognized a 150-year lease in the UK as a "purchase" under section 54. Chapter XII-A provisions were deemed inapplicable to the assessee's capital gains. The Tribunal also ruled that borrowed funds could be used for purchasing a new property, not necessarily the actual sale proceeds. Consequently, the orders of the CIT(A) and Assessing Officer were set aside, favoring the assessee. Case-Laws Income Tax Tue, 29 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59651