https://www.taxtmi.com/caselaws?id=280422 The High Court held that the lodging house constructed by the assessee qualifies as an "industrial undertaking" under Section 54D of the Income-tax Act. Therefore, the assessee is entitled to tax exemption on the capital gains used for constructing the lodging house. The Court rejected the Revenue's argument that an "industrial undertaking" should be narrowly interpreted. The Tribunal's contrary finding was deemed incorrect, ruling in favor of the assessee and directing each party to bear their respective costs. en-us Mon, 16 Feb 1987 00:00:00 +0530 Sat, 04 May 2019 13:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=280422 The High Court held that the lodging house constructed by the assessee qualifies as an "industrial undertaking" under Section 54D of the Income-tax Act. Therefore, the assessee is entitled to tax exemption on the capital gains used for constructing the lodging house. The Court rejected the Revenue's argument that an "industrial undertaking" should be narrowly interpreted. The Tribunal's contrary finding was deemed incorrect, ruling in favor of the assessee and directing each party to bear their respective costs. Case-Laws Income Tax Mon, 16 Feb 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=280422