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2012 (5) TMI 744 - AT - Income TaxAllowance of the claim of exemption u/s. 54F - Held that:- Hon’ble Supreme Court in the case of Vania Silk Mills P. Ltd. Vs Commissioner of Income-tax (1991 (8) TMI 2 - SUPREME Court) has laid down the principle that extinguishment of right on account of destruction or loss of asset does not amount to transfer as the assessee has invested the amount as per provisions of Sec. 54F in the residential house, the exemption cannot be denied. - Decided in favour of assessee.
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