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2012 (9) TMI 88 - AT - Income TaxDisallowance of the deduction U/s. 54F - amounts deposited in capital accounts scheme out of the borrowed funds - Held that:- As decided in Muneer Khan Versus Income-tax Officer, Ward No. 7(2), Hyderabad [2010 (8) TMI 752 - ITAT HYDERABAD] that money has no colour and all that is required to be eligible for relief under S.54F of the Act is compliance with the condition of investment within the specified time. As the capital gains earned by the assessee can be utilized for other purposes, and as long as the assessee fulfills the condition of investment of the equivalent amount in the scheme specified or in the asset qualifying for relief under S.54F, by securing the money spent out of the capital gains or from other sources available to it either by borrow or otherwise, and the assessee are eligible for relief under S.54F in respect of the entire amount of capital gains so deposited - in favour of assessee
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