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2010 (7) TMI 806 - AT - Income TaxCapital gain sale of agriculture land - assessee had claimed deduction under s. 54F of the IT Act - assessee had claimed to have purchased the residential plot construction was in progress and was not complete and in view thereof, the benefit of exemption claimed under s. 54F of the Act was rejected by the authorities below Held that:- Where the assessee had invested the consideration received on sale of original asset in the purchase of the plot of land and started construction though not completed, the assessee had complied with the provisions of s. 54F of the Act and hence was entitled to the benefit of exemption claimed - AO directed to allow the claim of the assessee in respect of the benefit of exemption claimed under s. 54F of the Act in favor of assessee
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