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2014 (5) TMI 264 - AT - Income TaxNon-grant of deduction u/s 54F of the Act – Capital gain on landed property – Details of expenses on construction not furnished - Held that:- The provisions of section 54F are that if the assessee being an individual or HUF, the capital gain arises from transfer of any long term capital asset not being a residential house and the assessee has, within a period of one year before or two years after the date on which the transfer takes place, purchases or, has within a period of three years after that date constructed a residential house, the capital gain will not be charged to the extent of cost of new asset if the entire net consideration is invested or proportionate to the extent of new asset bears to the net consideration if the conditions laid down u/s. 54F are fulfilled the assessee is entitled for deduction u/s. 54F - the onus is on the assessees to prove that the claim made by them u/s 54F is in accordance with law - there is lack of enquiry from the side of the AO – thus, the matter is remitted back to the AO for fresh examination – Decided in favour of Assessee.
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