Provisions of section 54F are beneficial provisions and are to be considered liberally

T. Pandian Vs ITO (ITAT Chennai) ITAT Chennai held that even though assessee has not invested sale proceeds in Capital Gain Account Scheme, but complied with the conditions u/s. 54F(1) of the Act by purchasing an independent house. Deduction u/s 54F allowed as provisions of section 54F are beneficial provisions and are to be considered liberally. Facts- In the assessment order, AO has noted that the assessee has sold the property for a consideration of ₹.60,00,000/- and also claimed sale expenses of ₹.9,220/-. The assessee had also received ₹.2,00,00,000/- for the property of 2.09 acres....