Exemption u/s 54F are beneficial provisions and hence are to be construed liberally

DCIT Vs Ashok Santu Bhavnani (ITAT Mumbai) ITAT Mumbai held that exemption provisions of section 54F of the Income Tax Act are beneficial provisions and are to be construed liberally. Accordingly, as assesse invested in one residential property, exemption u/s 54F duly available. Facts- A.O. is of the opinion that the assessee has utilized the capital gains for purchase of two residential properties for a consideration of Rs. 10,16,19,000/- and issued show cause notice on 13.12.2018. Assessee filed detailed letter dated 15-12-2018 explaining that the assessee has purchased only one residential ...