Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible

The Income Tax Appellate Tribunal (ITAT) upheld that Section 54F of the Income Tax Act should be interpreted liberally, allowing full deductions for the purchase of property in the wife’s name using a bank loan. This case involved a taxpayer who invested in a residential property, claiming a deduction under Section 54F. Despite the property being in his wife's name, the ITAT ruled that the benefit should be given, emphasizing the liberal construction of beneficial provisions to maximize their advantage for taxpayers.