https://www.taxtmi.com/caselaws?id=266439 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to allow exemption under Section 54 or Section 54F of the Income Tax Act for the assessment year 2010-11. The dispute revolved around whether the property sold should be classified as vacant land or residential house property. The Tribunal interpreted Sections 54 and 54F liberally, supporting the assessee's claim based on evidence of rental income and investment in a new residential property. The Revenue's appeal was dismissed, affirming the exemption granted to the assessee. en-us Fri, 11 Sep 2015 00:00:00 +0530 Tue, 20 Oct 2015 07:49:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=266439 The Tribunal upheld the Commissioner of Income Tax (Appeals)'s decision to allow exemption under Section 54 or Section 54F of the Income Tax Act for the assessment year 2010-11. The dispute revolved around whether the property sold should be classified as vacant land or residential house property. The Tribunal interpreted Sections 54 and 54F liberally, supporting the assessee's claim based on evidence of rental income and investment in a new residential property. The Revenue's appeal was dismissed, affirming the exemption granted to the assessee. Case-Laws Income Tax Fri, 11 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=266439