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2005 (9) TMI 508 - AT - Income TaxDeduction u/s 54F - Capital gains - Purchase of a new residential property and for such re-investment - HELD THAT:- In the instant case, admittedly, the funds had been utilized for purchase of property on 1-12-1997 and in the interregnum, the same were not kept deposited in a specified bank account. There is no material to conclude that in the interregnum, the funds were utilized for the purchase or for construction of the new property. Therefore, the assessee has not fulfilled the conditions of section 54F(4). Similarly, the plea of the assessee that the provisions be construed liberally so as to further its objective is also not tenable having regard to the clear provisions of law discussed above, which required the assessee to comply with the same. The assessee, not having complied with the conditions specified in sub-section (4) of section 54, the exemption has been rightly denied by the lower authorities. In the result, the appeal of the assessee is dismissed.
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