https://www.taxtmi.com/caselaws?id=401178 The Tribunal ruled in favor of the assessee, allowing the appeal and granting the deduction under section 54F of the Income Tax Act. The Tribunal found that the assessee's intention was to construct a residential unit on the purchased land within the specified time frame, as evidenced by the development agreement and the nature of the construction. The Tribunal concluded that the assessee had complied with the requirements of section 54F and set aside the lower authorities' decision to tax the amount under long-term capital gains. en-us Mon, 23 Nov 2020 00:00:00 +0530 Tue, 09 Aug 2022 16:58:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=401178 The Tribunal ruled in favor of the assessee, allowing the appeal and granting the deduction under section 54F of the Income Tax Act. The Tribunal found that the assessee's intention was to construct a residential unit on the purchased land within the specified time frame, as evidenced by the development agreement and the nature of the construction. The Tribunal concluded that the assessee had complied with the requirements of section 54F and set aside the lower authorities' decision to tax the amount under long-term capital gains. Case-Laws Income Tax Mon, 23 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=401178