Sec. 54 ITAT allows capital gain exemption despite investment in Term Deposit A/c Instead of Capital Gain Scheme A/c

It is important to understand the legislative intent behind the introduction of section 54 of the I.T. Act. It was introduced with a view to encourage house construction in India as explained by CBDT in its Circular No. 348 dated 30.06.1982. We are of the opinion that unless the assessee has violated the provisions of section 54 in such a way that by allowing the exemption, the purpose of the legisla

Please become a Premium member. If you are already a Premium member, login here to access the full content.