S. 54 Exemption available on capital gain from sale of multiple house invested in a new house

IN THE ITAT MUMBAI BENCH ‘A’ Deputy Commissioner of Income-tax V/s. Ranjit Vithaldas IT APPEAL NO. 7443 (MUM.) OF 2002 [ASSESSMENT YEAR 1998-99] JUNE 22, 2012 ORDER Rajendra Singh, Accountant Member This appeal by the Revenue is directed against the order dated 7.10.2002 of CIT(A) for the assessment year 1998-99. 2. The dispute raised by the Revenue in this appeal relates to claim of deduction u/s 54 of the Income Tax Act, 1961 (the Act) in respect of investment of capital gain in the new residential property. 3. The facts in brief as borne out from the records ar...