https://www.taxtmi.com/caselaws?id=20604 The court ruled against the assessee and in favor of the Revenue, holding that the assessee was not entitled to the exemption under Section 54 of the Income-tax Act, 1961. The court interpreted the provision strictly, emphasizing the requirement for continuous use of the property for residence for the entire two-year period immediately preceding the sale. The court concluded that the Legislature intended to grant the exemption only under these strict conditions, resolving any ambiguity in favor of the Revenue. The Tribunal's decision to deny the exemption was upheld, and the reference was disposed of with no order as to costs. en-us Mon, 08 Feb 1993 00:00:00 +0530 Mon, 16 Nov 2009 10:53:37 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=20604 The court ruled against the assessee and in favor of the Revenue, holding that the assessee was not entitled to the exemption under Section 54 of the Income-tax Act, 1961. The court interpreted the provision strictly, emphasizing the requirement for continuous use of the property for residence for the entire two-year period immediately preceding the sale. The court concluded that the Legislature intended to grant the exemption only under these strict conditions, resolving any ambiguity in favor of the Revenue. The Tribunal's decision to deny the exemption was upheld, and the reference was disposed of with no order as to costs. Case-Laws Income Tax Mon, 08 Feb 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=20604