https://www.taxtmi.com/caselaws?id=69960 The appeal involved a claim for relief under section 54 of the Income-tax Act, 1961. The court found that the conditions for relief under section 54 were met, emphasizing that the purpose of the purchase, not the subsequent use, is crucial for eligibility. The court held that the objection raised by the revenue was contrary to the purpose of the section and directed the tax authority to grant the relief, instructing a recomputation of capital gains for taxation purposes. As a result, the appeal was allowed in favor of the assessee. en-us Mon, 14 May 1984 00:00:00 +0530 Wed, 13 Apr 2011 11:07:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69960 The appeal involved a claim for relief under section 54 of the Income-tax Act, 1961. The court found that the conditions for relief under section 54 were met, emphasizing that the purpose of the purchase, not the subsequent use, is crucial for eligibility. The court held that the objection raised by the revenue was contrary to the purpose of the section and directed the tax authority to grant the relief, instructing a recomputation of capital gains for taxation purposes. As a result, the appeal was allowed in favor of the assessee. Case-Laws Income Tax Mon, 14 May 1984 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69960