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2012 (10) TMI 838 - HC - Income TaxExemption u/s 54EA - Joint development agreement - sale of flats - whether sale consideration on the sale of flats amounts consideration received by the assessee on the sale of long-term capital asset i.e., the land owned by the assessee? - Held that:- Whole or any part of the net consideration of sale is invested in Specified Securities within a period of six months after the date of transfer, the deduction under section 54EA is available. - Net Consideration as per the definition means, the full value of the consideration received or accruing as a result of the transfer of the capital asset as reduced by the expenditure incurred wholly and exclusively in connection with such transfer. The definition of net consideration does not refer that the consideration should be received in cash only. - benefit of exemption allowed - decided in favor of assessee.
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