https://www.taxtmi.com/caselaws?id=263706 The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal regarding exemption under section 54F of the Income-tax Act, 1961. The case revolved around the assessee's investment in a new residential flat for exemption of capital gains. The Tribunal ruled that the assessee's ownership of two residential flats did not disqualify them from claiming the exemption, as the new asset was excluded in determining the number of residential houses owned. Additionally, the Tribunal determined that the purchase of the new asset was completed within the required timeframe, emphasizing a liberal interpretation of the provision to support the assessee's case. en-us Wed, 21 May 2014 00:00:00 +0530 Wed, 09 Sep 2015 08:45:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=263706 The Tribunal upheld the CIT(A)'s order, dismissing the Revenue's appeal regarding exemption under section 54F of the Income-tax Act, 1961. The case revolved around the assessee's investment in a new residential flat for exemption of capital gains. The Tribunal ruled that the assessee's ownership of two residential flats did not disqualify them from claiming the exemption, as the new asset was excluded in determining the number of residential houses owned. Additionally, the Tribunal determined that the purchase of the new asset was completed within the required timeframe, emphasizing a liberal interpretation of the provision to support the assessee's case. Case-Laws Income Tax Wed, 21 May 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=263706