https://www.taxtmi.com/caselaws?id=70644 The Supreme Court upheld the decision of the Tribunal and the AAC, ruling in favor of the assessee in an appeal against an order granting relief under section 54 of the Income Tax Act, 1961. Despite the property being purchased in the name of the assessee's wife, it was held that the property was effectively purchased by the assessee, entitling him to the relief under section 54. The Court emphasized the ordinary meaning of "purchase" and the intent behind the relevant section for exemption, ultimately dismissing the Revenue's appeal. en-us Wed, 06 Jul 1988 00:00:00 +0530 Mon, 18 Apr 2011 12:36:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=70644 The Supreme Court upheld the decision of the Tribunal and the AAC, ruling in favor of the assessee in an appeal against an order granting relief under section 54 of the Income Tax Act, 1961. Despite the property being purchased in the name of the assessee's wife, it was held that the property was effectively purchased by the assessee, entitling him to the relief under section 54. The Court emphasized the ordinary meaning of "purchase" and the intent behind the relevant section for exemption, ultimately dismissing the Revenue's appeal. Case-Laws Income Tax Wed, 06 Jul 1988 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=70644