https://www.taxtmi.com/caselaws?id=360398 The High Court upheld the ITAT's decision, allowing the assessee to claim benefits under Section 54 for investing in a new residential property. Emphasizing the property's capability of being used as a residence, the Court noted essential residential components in the construction. Referring to the Supreme Court's ruling on the legislative intention behind Section 54, the Court clarified the definition of "transfer" under Section 2(47) and the relief provided for long term capital gains. The judgment highlighted the importance of interpreting tax laws purposively to benefit taxpayers, ultimately allowing the appeals and directing re-assessment for relief under Section 54. en-us Fri, 11 May 2018 00:00:00 +0530 Wed, 16 May 2018 17:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360398 The High Court upheld the ITAT's decision, allowing the assessee to claim benefits under Section 54 for investing in a new residential property. Emphasizing the property's capability of being used as a residence, the Court noted essential residential components in the construction. Referring to the Supreme Court's ruling on the legislative intention behind Section 54, the Court clarified the definition of "transfer" under Section 2(47) and the relief provided for long term capital gains. The judgment highlighted the importance of interpreting tax laws purposively to benefit taxpayers, ultimately allowing the appeals and directing re-assessment for relief under Section 54. Case-Laws Income Tax Fri, 11 May 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360398