https://www.taxtmi.com/caselaws?id=18777 The High Court of Andhra Pradesh upheld the Income-tax Appellate Tribunal's decision in favor of the assessee, allowing exemption under section 54 of the Income-tax Act, 1961 for short-term capital gains from a property sale. The court interpreted the residency requirements of section 54, emphasizing the continuous intention to reside permanently rather than uninterrupted use, and ruled that the assessee's seven-month stay fulfilled the criteria. The court disagreed with the interpretation of past continuous tense from a previous judgment and aligned with other High Courts' views. The assessee was deemed entitled to the exemption, and the court ruled against the Revenue. en-us Wed, 09 Aug 1995 00:00:00 +0530 Mon, 02 Nov 2009 10:18:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=18777 The High Court of Andhra Pradesh upheld the Income-tax Appellate Tribunal's decision in favor of the assessee, allowing exemption under section 54 of the Income-tax Act, 1961 for short-term capital gains from a property sale. The court interpreted the residency requirements of section 54, emphasizing the continuous intention to reside permanently rather than uninterrupted use, and ruled that the assessee's seven-month stay fulfilled the criteria. The court disagreed with the interpretation of past continuous tense from a previous judgment and aligned with other High Courts' views. The assessee was deemed entitled to the exemption, and the court ruled against the Revenue. Case-Laws Income Tax Wed, 09 Aug 1995 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=18777