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2012 (9) TMI 130 - AT - Income TaxValuation u/s 50C - value fixed by the District Revenue Officer - held that:- The assessee in the income-tax proceedings cannot take the plea that since he was not a party in other proceedings, the same is not binding on him. In the present case, the value of the land adopted by the District Revenue Officer for the purpose of fixation of stamp duty, is binding on the assessee. There is no force in the appeal of the assessee - against assessee. Exemption u/s 54F - The return was filed by the assessee far beyond the time limit - Revenue appeal - Held that:- The assessment was completed under the provisions of section 143(3). At no point of time before the CIT(A) the plea of belated return was raised by the Revenue. Even otherwise, the delay in filing of the return has no bearing on exemption to which the assessee is entitled under the provisions of the Income Tax Act - It is an admitted fact that the entire amount of capital gains has been invested by the assessee in the construction of new residential house within the period prescribed under the provisions of section 54F(1) - against Revenue.
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