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2014 (1) TMI 1362 - AT - Income TaxExemption u/s 54 - Held that:- Firstly the assessee invested the amount of sale consideration in flat under cinstruction - But due to some conflicts, the amount was refunded back to the assessee - The assessee immediately thereafter deposited the same with another builder for purchase of flat - The intention of the assessee was to immediately invest his capital gain from transfer of long term capital asset towards acquiring of residential flat and there was no intentional delay on the part of the assessee for not appropriating the net consideration - In this case the assessee will be allowed deduction only for the amount invested alongwith the amount incurred on stamp duty and incidental expenses within a period of three years as stipulated u/s 54F - The issue has been restored for fresh adjudication - Partly allowed in favour of assessee.
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