https://www.taxtmi.com/caselaws?id=350516 The court allowed the petition, setting aside the Central Board of Direct Taxes' order and holding the petitioner entitled to exemption from Capital Gain Tax under Section 54EC of the Income Tax Act, 1961. The court emphasized the importance of a balanced and equitable approach in interpreting tax exemption provisions and condoning delays, highlighting that technicalities should not defeat substantive justice. The judgment stressed the need for authorities to exercise discretionary powers judiciously to avoid genuine hardship, ensuring that the substantial conditions for claiming exemptions are met. en-us Tue, 24 Oct 2017 00:00:00 +0530 Sat, 24 Feb 2018 14:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=350516 The court allowed the petition, setting aside the Central Board of Direct Taxes' order and holding the petitioner entitled to exemption from Capital Gain Tax under Section 54EC of the Income Tax Act, 1961. The court emphasized the importance of a balanced and equitable approach in interpreting tax exemption provisions and condoning delays, highlighting that technicalities should not defeat substantive justice. The judgment stressed the need for authorities to exercise discretionary powers judiciously to avoid genuine hardship, ensuring that the substantial conditions for claiming exemptions are met. Case-Laws Income Tax Tue, 24 Oct 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=350516