https://www.taxtmi.com/caselaws?id=413310 The court ruled in favor of the appellant assessee, allowing the appeal and setting aside the Tribunal's order. It emphasized a liberal interpretation of Section 54F of the Income Tax Act, holding that the cost of land can be included in the exemption for constructing a residential house even if purchased before the sale of the capital asset. The court highlighted the legislative intent to promote investment in housing and save tax on capital gains, emphasizing that technicalities should not deny taxpayers the intended benefits. en-us Mon, 13 Sep 2021 00:00:00 +0530 Thu, 07 Oct 2021 11:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413310 The court ruled in favor of the appellant assessee, allowing the appeal and setting aside the Tribunal's order. It emphasized a liberal interpretation of Section 54F of the Income Tax Act, holding that the cost of land can be included in the exemption for constructing a residential house even if purchased before the sale of the capital asset. The court highlighted the legislative intent to promote investment in housing and save tax on capital gains, emphasizing that technicalities should not deny taxpayers the intended benefits. Case-Laws Income Tax Mon, 13 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413310