https://www.taxtmi.com/caselaws?id=386489 The Tribunal partly allowed the appeal, deleting the long term capital gains tax but upholding the assessment of taxable short term capital gains based on the guideline value. The Tribunal ruled in favor of the assessee regarding the claim of exemption under section 54 of the Income Tax Act for reinvestment in a new property, emphasizing a liberal interpretation of the provision. However, the Tribunal confirmed the levy of short term capital gains based on the guideline value as the fair market value, dismissing the assessee's contention of a distress sale. en-us Fri, 26 Jul 2019 00:00:00 +0530 Sun, 29 Sep 2019 07:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=386489 The Tribunal partly allowed the appeal, deleting the long term capital gains tax but upholding the assessment of taxable short term capital gains based on the guideline value. The Tribunal ruled in favor of the assessee regarding the claim of exemption under section 54 of the Income Tax Act for reinvestment in a new property, emphasizing a liberal interpretation of the provision. However, the Tribunal confirmed the levy of short term capital gains based on the guideline value as the fair market value, dismissing the assessee's contention of a distress sale. Case-Laws Income Tax Fri, 26 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=386489