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2013 (12) TMI 592 - AT - Income TaxExemption u/s 54 – The assessee had invested sum of Rs. 23,61,550/- out of withdrawals from its bank account jointly held and utilized the same for acquisition of the residential house in Sector 11, Panchkula - The balance sum of Rs. 20 lakhs was out of the housing loan raised by the assessee from LIC Housing Finance - Held that:- The assessee having parked its funds in FDRs with banks, of sale proceeds of the old assets and utilized housing loan for the purchase of new asset, does not disentitle the assessee from the benefit of exemption u/s 54 - Decided in favour of assessee.
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