https://www.taxtmi.com/caselaws?id=58491 The Tribunal held that the assessee qualified for exemption from capital gains under Section 54 of the Income Tax Act despite technical ownership complexities in a co-operative society. Emphasizing the legislative intent to encourage residential property acquisition, the Tribunal considered the practical aspects of property ownership in urban areas. It ruled in favor of the assessee, recognizing the purchase of a residential property within the scope of Section 54, aligning the interpretation with the realities of owning property in co-operative societies. en-us Thu, 28 Mar 1985 00:00:00 +0530 Mon, 20 Dec 2010 12:13:28 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58491 The Tribunal held that the assessee qualified for exemption from capital gains under Section 54 of the Income Tax Act despite technical ownership complexities in a co-operative society. Emphasizing the legislative intent to encourage residential property acquisition, the Tribunal considered the practical aspects of property ownership in urban areas. It ruled in favor of the assessee, recognizing the purchase of a residential property within the scope of Section 54, aligning the interpretation with the realities of owning property in co-operative societies. Case-Laws Income Tax Thu, 28 Mar 1985 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58491