Provisions of S. 54F of Income Tax Act are Benevolent Provisions, requires Liberal Interpretation: ITAT [Read Order]

Provisions - Income Tax Act - Income Tax - Tax - Benevolent Provisions - ITAT - taxscan

The Income Tax Appellate Tribunal ( ITAT ) recently held that section 54 of the Income Tax Act 1961 are benevolent provisions therefore, requires liberal interpretation and the assessee is entitled to get the benefit of the benevolent provisions. The aforesaid observation was made by the Delhi ITAT, when an appeal was filed by the…

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