https://www.taxtmi.com/caselaws?id=254263 The Court upheld the Income Tax Appellate Tribunal's decision, ruling in favor of the respondent assessee. The Tribunal correctly determined that the property in question did not fall under Section 50 for capital gains computation, allowing the assessee to claim deductions under Section 54E. The Court agreed with the Tribunal's interpretation, emphasizing the property's status as a long-term capital asset. As the appellant's arguments failed to distinguish a relevant precedent, the appeal was dismissed, affirming the Tribunal's findings in favor of the assessee and against the revenue. en-us Tue, 25 Nov 2014 00:00:00 +0530 Wed, 17 Dec 2014 10:41:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=254263 The Court upheld the Income Tax Appellate Tribunal's decision, ruling in favor of the respondent assessee. The Tribunal correctly determined that the property in question did not fall under Section 50 for capital gains computation, allowing the assessee to claim deductions under Section 54E. The Court agreed with the Tribunal's interpretation, emphasizing the property's status as a long-term capital asset. As the appellant's arguments failed to distinguish a relevant precedent, the appeal was dismissed, affirming the Tribunal's findings in favor of the assessee and against the revenue. Case-Laws Income Tax Tue, 25 Nov 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=254263