Tax Case: Appropriated Capital Gains for Home, Missed Construction Deadline; Debate on Section 54 Exemption Interpretation.

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....Exemption u/s 54 - the assessee had already appropriated the capital gains for the purpose of construction of residential unit. However, construction was not completed within the stipulated period. In our opinion, liberal interpretation to be considered while granting exemption u/s.54 of the Act as it is a beneficial provision - AT....