https://www.taxtmi.com/caselaws?id=17096 The High Court of Andhra Pradesh interpreted sections 54E(3) and 155(10B) of the Income-tax Act, 1961 for the assessment year 1975-76. The court ruled in favor of the assessee, emphasizing the need to consider beneficial provisions introduced by the legislature when rectifying assessments based on subsequent events. It held that section 54E(3) should not be limited to future acquisitions and that the investment period in specified assets should be from the date of receipt of compensation. The judgment underscores the importance of interpreting tax provisions in line with legislative intent to benefit taxpayers effectively. en-us Thu, 20 Nov 1997 00:00:00 +0530 Tue, 15 Sep 2009 12:11:41 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=17096 The High Court of Andhra Pradesh interpreted sections 54E(3) and 155(10B) of the Income-tax Act, 1961 for the assessment year 1975-76. The court ruled in favor of the assessee, emphasizing the need to consider beneficial provisions introduced by the legislature when rectifying assessments based on subsequent events. It held that section 54E(3) should not be limited to future acquisitions and that the investment period in specified assets should be from the date of receipt of compensation. The judgment underscores the importance of interpreting tax provisions in line with legislative intent to benefit taxpayers effectively. Case-Laws Income Tax Thu, 20 Nov 1997 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=17096