https://www.taxtmi.com/caselaws?id=372815 The Tribunal allowed the appeal, granting deduction under section 54F for the entire claimed amount. It held that the purchase and construction were concurrent, rejecting the AO's restrictive interpretation. The Tribunal emphasized the legislative intent and allowed relief under section 54F for both scenarios. The claim disallowed for the amount paid up to the return filing limit was accepted, citing an extended due date. Penalty proceedings were deemed premature, and interest charges were considered consequential. The judgment favored the assessee, promoting a comprehensive view of the law for beneficial outcomes. en-us Fri, 21 Dec 2018 00:00:00 +0530 Mon, 31 Dec 2018 07:35:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=372815 The Tribunal allowed the appeal, granting deduction under section 54F for the entire claimed amount. It held that the purchase and construction were concurrent, rejecting the AO's restrictive interpretation. The Tribunal emphasized the legislative intent and allowed relief under section 54F for both scenarios. The claim disallowed for the amount paid up to the return filing limit was accepted, citing an extended due date. Penalty proceedings were deemed premature, and interest charges were considered consequential. The judgment favored the assessee, promoting a comprehensive view of the law for beneficial outcomes. Case-Laws Income Tax Fri, 21 Dec 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=372815