https://www.taxtmi.com/caselaws?id=394488 The Tribunal partly allowed the appeal, remanding the case to the Assessing Officer (A.O.) for further examination. The A.O. was directed to verify if the capital gains were utilized for acquiring assets for the appellant's business within the stipulated period and provide the appellant with an opportunity to substantiate their claim under section 54G of the Income Tax Act. The Tribunal stressed the need for a broader interpretation of section 54G to promote industrialization in non-urban areas. en-us Fri, 31 Jan 2020 00:00:00 +0530 Tue, 14 Apr 2020 15:13:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=394488 The Tribunal partly allowed the appeal, remanding the case to the Assessing Officer (A.O.) for further examination. The A.O. was directed to verify if the capital gains were utilized for acquiring assets for the appellant's business within the stipulated period and provide the appellant with an opportunity to substantiate their claim under section 54G of the Income Tax Act. The Tribunal stressed the need for a broader interpretation of section 54G to promote industrialization in non-urban areas. Case-Laws Income Tax Fri, 31 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=394488