1989 (10) TMI 109 - AT - Income Tax

Summary

The Revenue appealed against AAC's order granting relief under s. 54-E of the IT Act, 1961 to an individual who sold a property. The property was held for more than 36 months prior to the sale, making the capital gains eligible for abatement. Despite various arguments by the Revenue, the Tribunal confirmed AAC's decision, stating that the property was ready for occupation by November, 1975. The appeal was dismissed. (Case: Appellate Tribunal ITAT MADRAS-D, Citation: 1989 (10) TMI 109 - ITAT MADRAS-D)