https://www.taxtmi.com/caselaws?id=5209 The Supreme Court interpreted Section 54(1) of the Income Tax Act, 1961, regarding capital gains tax exemption. The case involved release deeds by brothers in a property partition. The respondent preempted capital gains tax by acquiring the common house through release deeds. The Court held that the release deeds constituted a purchase under Section 54(1), emphasizing the ordinary meaning of "purchase." It criticized distorting legal technicalities and discussed tax avoidance versus evasion. The appeal was dismissed, affirming the release deeds as a purchase, aligning with common understanding and societal welfare principles. en-us Fri, 05 Oct 1979 00:00:00 +0530 Mon, 30 Jun 2014 12:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=5209 The Supreme Court interpreted Section 54(1) of the Income Tax Act, 1961, regarding capital gains tax exemption. The case involved release deeds by brothers in a property partition. The respondent preempted capital gains tax by acquiring the common house through release deeds. The Court held that the release deeds constituted a purchase under Section 54(1), emphasizing the ordinary meaning of "purchase." It criticized distorting legal technicalities and discussed tax avoidance versus evasion. The appeal was dismissed, affirming the release deeds as a purchase, aligning with common understanding and societal welfare principles. Case-Laws Income Tax Fri, 05 Oct 1979 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=5209