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2014 (1) TMI 446 - DELHI HIGH COURT
Exemption u/s 54F - whether the respondent-assessee can be denied benefit of Section 54F because construction of the house had commenced before the sale of the shares i.e., on 17th September, 2008 - Held that:- Following CCE v. Favourite Industries [2012 (4) TMI 65 - SUPREME COURT OF INDIA] - It is now a well-established principle of law that whereas eligibility criteria laid down in an exemption notification are required to be construed strictly, once it is found that the applicant satisfies the same, the exemption notification should be construed liberally - Section 54F is a beneficial provision and is applicable to an assessee when the old capital asset is replaced by a new capital asset in form of a residential house - Once an assessee falls within the ambit of a beneficial provision, then the said provision should be liberally interpreted - Decided against Revenue.