Supreme Court of India
Sh. Sanjeev Lal Etc.etc. v. Commissioner of Income Tax, Chandigarh & Anr.
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What the Court ordered
We are of the view that the appellants were entitled to relief under Section 54 of the Act in respect of D the long term capital gain which they had earned in pursuance of transfer of their residential property being House No. 267, Sector 9-C, situated in Chandigarh and used for purchase of a new asset/residential house.
Judgment, page 18
From the headnote
Income Tax Act, 1961: s. 54 - Long term capital gain - Assessee-appellant entered into an agreement to sell his residential house on 27. 12. 2002 and on 30. 04. 2003 purchased another house but could not complete sale transaction of his residential house due to a suit filed against him restraining him from dealing with the sale of said house - When the suit was dismissed and stay was vacated, he executed sale deed and got it registered on 24. 09. 2004 - Entitlement of appellant to avail benefit of s. 54 - Held: Due to interim order, appellant was restrained from dealing with the sale of his
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