https://www.taxtmi.com/caselaws?id=190765 The High Court dismissed the appeal, upholding the decision in favor of the respondent-assessee regarding the interpretation of Section 54F of the Income Tax Act. The court affirmed that the demolition of the purchased property within three years did not constitute a transfer, thus entitling the assessee to the exemption under Section 54F. The court relied on the precedent set by the Supreme Court in Vania Silk Mills P. Ltd., emphasizing that destruction of assets does not amount to a transfer under the Act. en-us Thu, 24 Jan 2013 00:00:00 +0530 Sat, 25 Feb 2017 10:53:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=190765 The High Court dismissed the appeal, upholding the decision in favor of the respondent-assessee regarding the interpretation of Section 54F of the Income Tax Act. The court affirmed that the demolition of the purchased property within three years did not constitute a transfer, thus entitling the assessee to the exemption under Section 54F. The court relied on the precedent set by the Supreme Court in Vania Silk Mills P. Ltd., emphasizing that destruction of assets does not amount to a transfer under the Act. Case-Laws Income Tax Thu, 24 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=190765