https://www.taxtmi.com/caselaws?id=304875 The High Court held that the assessee was not eligible for exemption under Section 54G of the Income Tax Act as the requirements of actual purchase and acquisition were not fulfilled. The Court determined that the term "purchase" should be understood in its commercial sense, requiring the actual acquisition and control over the property, not just payment of advances. Additionally, the Court ruled that the notification declaring the area as urban had prospective, not retrospective, application, aligning with the explicit language of the notification and principles of statutory interpretation. The Court ruled against the assessee, denying the exemption. en-us Thu, 26 May 2005 00:00:00 +0530 Wed, 02 Nov 2022 10:34:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=304875 The High Court held that the assessee was not eligible for exemption under Section 54G of the Income Tax Act as the requirements of actual purchase and acquisition were not fulfilled. The Court determined that the term "purchase" should be understood in its commercial sense, requiring the actual acquisition and control over the property, not just payment of advances. Additionally, the Court ruled that the notification declaring the area as urban had prospective, not retrospective, application, aligning with the explicit language of the notification and principles of statutory interpretation. The Court ruled against the assessee, denying the exemption. Case-Laws Income Tax Thu, 26 May 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=304875