New "home" variable parsing issue

TCC 12.10.56 WinXP SP3

Define environment variable HOME using a definition file containing the lines below, loaded by a SET /R command, as follows:


Executing the command "*CD ~" reports:

TCC: (Sys) The system cannot find the path specified.

Cf. command "echo %home" correctly reports "C:\JPSOFT".

The issue is evaluation of nested variables. There is no problem when HOME is set to an unquoted path name containing spaces.