ITAT Chandigarh’s Judgement On Exemption Under Section 54 Of Income Tax Act

In the case of Seema Sabharwal vs. ITO, ITAT Chandigarh has held that:

If the assessee at the time of assessment proceedings, proves that he has already invested the capital gains on the purchase / construction of the new residential house within the stipulated period, the benefit under the substantive provisions of section 54(1) cannot be denied to the assessee. Any different or otherwise strict construction of sub section (2), in our view, will defeat the very purpose and object of the exemption provisions of section 54 of the Act.

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