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2013 (3) TMI 492 - HC - Income TaxExemption under Section 54EC denied - Addition on account of short term capital gains - ITAT deleted the addition - the assessee received 30% of the sale proceeds of the land from her brother in accordance with the direction given by her late father in his will - Held that:- The assessee received the said sum of Rs. 1,05,00,000/- as inheritance from her father who had clearly indicated in his Will that in case the property is sold, 30% of the sale proceeds would be given to the assessee. The fact that the property was agreed to be sold during the lifetime of the father and part consideration had been received during the lifetime would only imply that the condition upon which the assessee was to receive the said 30% of the sale consideration had already been satisfied during his lifetime. Thus the assessee's share out of the said consideration became payable to her directly under the will on the death of the father. Even if the matter is looked in this perspective the receipt in the hands of the assessee cannot be regarded as income. However, the Tribunal has taken a different approach by holding that even if it is regarded as income the assessee would be entitled to the benefit of income under Section 56(2)(v) of the Income Tax Act, 1961. Either way the answer is the same. No interference with the order of the Tribunal is called for. Addition on account of Income from House Property - CIT (A) deleted the addition - Held that:- This issue was decided in favour of the assessee in respect of the assessment year 2005-06 by the CIT (Appeals) and it has not been questioned by the revenue before the Tribunal. Therefore, following the said decision, the Tribunal confirmed the view taken by the CIT (Appeals). Even on that aspect, no interference is called for.
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