https://www.taxtmi.com/caselaws?id=55300 The Tribunal upheld the Commissioner (Appeals) decision, granting the assessee exemption under section 54E of the Income Tax Act. It ruled that the investment in Rural Bonds within six months of the sale transaction met the conditions for exemption, emphasizing the legislative intent to combat inflation. The Tribunal accepted the assessee's interpretation that investment equivalent to the sale realisation sufficed for exemption, regardless of the funding source. The judgment underscores the significance of meeting statutory conditions for exemption and interpreting tax provisions liberally to fulfill legislative objectives. en-us Wed, 02 Dec 1987 00:00:00 +0530 Thu, 25 Nov 2010 13:04:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=55300 The Tribunal upheld the Commissioner (Appeals) decision, granting the assessee exemption under section 54E of the Income Tax Act. It ruled that the investment in Rural Bonds within six months of the sale transaction met the conditions for exemption, emphasizing the legislative intent to combat inflation. The Tribunal accepted the assessee's interpretation that investment equivalent to the sale realisation sufficed for exemption, regardless of the funding source. The judgment underscores the significance of meeting statutory conditions for exemption and interpreting tax provisions liberally to fulfill legislative objectives. Case-Laws Income Tax Wed, 02 Dec 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=55300