https://www.taxtmi.com/caselaws?id=218935 The Tribunal upheld the CIT(A)'s decision, allowing the exemption under Section 54F for the impugned Assessment Year. It was determined that the assessee had complied with the conditions of Section 54F by offering the capital gains for tax in the specified year, despite challenges related to land nature, construction plans, and deposits in the Capital Gains Account Scheme. The Tribunal found no evidence to support the Revenue's claim that the assessee lacked intention to construct a residential house, ultimately dismissing both the Revenue's appeal and the assessee's Cross Objection. en-us Thu, 11 Oct 2012 00:00:00 +0530 Thu, 29 Nov 2012 10:22:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=218935 The Tribunal upheld the CIT(A)'s decision, allowing the exemption under Section 54F for the impugned Assessment Year. It was determined that the assessee had complied with the conditions of Section 54F by offering the capital gains for tax in the specified year, despite challenges related to land nature, construction plans, and deposits in the Capital Gains Account Scheme. The Tribunal found no evidence to support the Revenue's claim that the assessee lacked intention to construct a residential house, ultimately dismissing both the Revenue's appeal and the assessee's Cross Objection. Case-Laws Income Tax Thu, 11 Oct 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=218935