https://www.taxtmi.com/caselaws?id=403446 The Tribunal held that the assessee's intention at the time of land purchase was not to engage in a trade venture but to construct a house for self-occupation, later changed due to circumstances. As a result, the Tribunal determined that the gains from the land sale should be treated as capital gains, granting the assessee entitlement to deductions under section 54/54F of the Income Tax Act, 1961. Consequently, the appeal was allowed, overturning the CIT(A)'s decision. en-us Thu, 28 Jan 2021 00:00:00 +0530 Wed, 28 Jul 2021 18:04:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=403446 The Tribunal held that the assessee's intention at the time of land purchase was not to engage in a trade venture but to construct a house for self-occupation, later changed due to circumstances. As a result, the Tribunal determined that the gains from the land sale should be treated as capital gains, granting the assessee entitlement to deductions under section 54/54F of the Income Tax Act, 1961. Consequently, the appeal was allowed, overturning the CIT(A)'s decision. Case-Laws Income Tax Thu, 28 Jan 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=403446