https://www.taxtmi.com/caselaws?id=171397 The Tribunal directed the Assessing Officer to compute the business income after giving credit for the amount declared under the Kar Vivad Samadhan Scheme, thereby partially allowing the appeal on this issue. On the matter of entitlement to deduction under section 54E of the Act, the Tribunal accepted the assessee's argument that the investment in specified assets need not come directly from the sale proceeds, emphasizing a purposive interpretation of the provision to avoid injustice. Consequently, the Tribunal allowed the exemption, rejecting the strict interpretation urged by the AO and CIT(A). en-us Wed, 14 Feb 2001 00:00:00 +0530 Sat, 18 Jul 2015 11:35:24 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=171397 The Tribunal directed the Assessing Officer to compute the business income after giving credit for the amount declared under the Kar Vivad Samadhan Scheme, thereby partially allowing the appeal on this issue. On the matter of entitlement to deduction under section 54E of the Act, the Tribunal accepted the assessee's argument that the investment in specified assets need not come directly from the sale proceeds, emphasizing a purposive interpretation of the provision to avoid injustice. Consequently, the Tribunal allowed the exemption, rejecting the strict interpretation urged by the AO and CIT(A). Case-Laws Income Tax Wed, 14 Feb 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=171397