Exemption Denied: New House Purchased in Son's Name Not Eligible u/s 54, High Court Decision Binding.

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....Denial of exemption u/s.54 - purchasing a new house in the name of the assessee’s son - The principle of following a view in favour of the assessee when contrary views are available, applies to the authorities acting under a neutral High Court, namely, which has not expressed any opinion – for or against - on that point. Once the jurisdictional High Court decides a particular issue in a particular manner, that manner has to be mandatorily followed by all the authorities acting under it so long as it holds the field and is not deactivated by the Hon’ble Supreme Court - we bound to follow the view taken by the Hon’ble jurisdictional High Court. - Exemption was rightly denied - AT....