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2012 (9) TMI 360 - ITAT, BANGALORELong Term capital gain - exemption u/s 54F - dis-allowance on ground that investment made by assessee in purchase of a residential house may not be fit for habitation, because the house was too small to exists on half acre of land - Held that:- This is hardly the basis on which one can conclude that the assessee did not purchase a residential house. Evidence filed by the assessee viz description of property in sale deed, payment of house tax, electricity connection, sufficiently justifies the existence of a house. The claim of the assessee is that it was habitable and there is no material on record to disbelieve the claim of the assessee. At this point of time, it is not possible to verify the condition of the building and or to whether it was habitable at the time of its purchase. In the circumstances, the benefit of doubt should go in favour of the assessee. On the material available on record, we are satisfied that the assessee has fulfilled the conditions for grant of exemption u/s 54F. We therefore, direct that the exemption claimed be allowed - Decided in favor of assessee
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