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2014 (1) TMI 1585 - HC - Income TaxExemption u/s 54EC and 54F - Held that:- Relying upon the decision in Smt. Saroj Aggarwal v. Commissioner of Income-tax [1985 (9) TMI 6 - SUPREME Court] - It is not necessary that after payment of cost of acquisition, a title deed is to be executed in favour of the assessee - Even in the absence of a title deed, the assessee holds that property - It is the point of time at which he holds the property, which is to be taken into consideration in determining the period between the date of acquisition and date of transfer of such capital gain in order to decide whether it is a short-term capital gain or a long-term capital gain. Merely because the original site which was allotted was cancelled, yet another site was allotted and the said site was also cancelled and thereafter the present site was allotted, in law - would make no difference - The consideration paid on 21.9.1988 is treated as the consideration for the sale dated 27.2.2008 - The assessee has invested the amount of capital gains as per the law - The assessee has rightly claimed the benefit of exemption under Section 54EC and 54F of the Act - Decided against Revenue.
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