https://www.taxtmi.com/caselaws?id=57828 The Tribunal overturned the denial of a Rs. 2,10,833 exemption under section 54F of the Income-tax Act. Initially, the AO and CIT(A) denied the exemption due to non-utilization of funds within the specified time. However, the Tribunal, referencing a Gauhati HC judgment, interpreted section 54F(4) to include all sub-sections of section 139, allowing for flexibility in the timing of asset acquisition. This interpretation aligned with the legislative intent to prevent assessment rectifications. Consequently, the Tribunal granted the exemption, emphasizing adherence to statutory provisions. en-us Thu, 29 Mar 2007 00:00:00 +0530 Mon, 29 Jan 2024 15:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=57828 The Tribunal overturned the denial of a Rs. 2,10,833 exemption under section 54F of the Income-tax Act. Initially, the AO and CIT(A) denied the exemption due to non-utilization of funds within the specified time. However, the Tribunal, referencing a Gauhati HC judgment, interpreted section 54F(4) to include all sub-sections of section 139, allowing for flexibility in the timing of asset acquisition. This interpretation aligned with the legislative intent to prevent assessment rectifications. Consequently, the Tribunal granted the exemption, emphasizing adherence to statutory provisions. Case-Laws Income Tax Thu, 29 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=57828