https://www.taxtmi.com/caselaws?id=327120 The Appellate Tribunal upheld the CIT(A) order in favor of the assessee regarding the disallowance of exemption under section 54 of the Income-tax Act for the assessment year 2009-10. The Tribunal interpreted section 54F liberally, emphasizing that delays in construction due to uncontrollable circumstances should not disqualify the exemption. Relying on the Supreme Court judgment in Fibre Boards (P.) Ltd. v. CIT, the Tribunal emphasized the importance of interpreting provisions effectively. Both the Revenue's appeal and the assessee's cross-objection were dismissed, aligning with established legal precedents and interpretations. en-us Wed, 20 Jan 2016 00:00:00 +0530 Wed, 04 May 2016 09:14:17 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=327120 The Appellate Tribunal upheld the CIT(A) order in favor of the assessee regarding the disallowance of exemption under section 54 of the Income-tax Act for the assessment year 2009-10. The Tribunal interpreted section 54F liberally, emphasizing that delays in construction due to uncontrollable circumstances should not disqualify the exemption. Relying on the Supreme Court judgment in Fibre Boards (P.) Ltd. v. CIT, the Tribunal emphasized the importance of interpreting provisions effectively. Both the Revenue's appeal and the assessee's cross-objection were dismissed, aligning with established legal precedents and interpretations. Case-Laws Income Tax Wed, 20 Jan 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=327120