https://www.taxtmi.com/caselaws?id=169170 The appellate tribunal upheld the decision of the Ld. CIT(A), ruling in favor of the assessee regarding the interpretation of section 54F of the Income Tax Act. It was determined that the assessee had complied with the provisions by investing in residential properties within the specified timeframe, entitling them to exemption on capital gains. The withdrawal of exemption under section 154 was deemed unjustified, leading to the dismissal of the Revenue's appeal and the cross objection by the Assessee as infructuous. The judgment underscored the necessity of strict adherence to tax laws and thorough assessment in cases involving exemptions and capital gains. en-us Wed, 20 Aug 2014 00:00:00 +0530 Mon, 06 Apr 2015 22:10:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=169170 The appellate tribunal upheld the decision of the Ld. CIT(A), ruling in favor of the assessee regarding the interpretation of section 54F of the Income Tax Act. It was determined that the assessee had complied with the provisions by investing in residential properties within the specified timeframe, entitling them to exemption on capital gains. The withdrawal of exemption under section 154 was deemed unjustified, leading to the dismissal of the Revenue's appeal and the cross objection by the Assessee as infructuous. The judgment underscored the necessity of strict adherence to tax laws and thorough assessment in cases involving exemptions and capital gains. Case-Laws Income Tax Wed, 20 Aug 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=169170