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2015 (12) TMI 354 - ITAT BANGALORERevision u/s 263 - as per CIT(A) section 54F of the Act could not be allowed since assessee had returned capital gains after the detection - Held that:- CIT in his order mentions that assessee has sold two sites on 24.07.2008, whereas the first property against which exemption u/s.54F of the Act was purchased on 13.03.2008 and the second property was purchased on 06.08.2008. Obviously the first property was purchased prior to the sale of the sites on 24.07.2008. Disabling clauses (ii) and (iii) above only mentions purchase or construction within a period of one year / three years after the date of transfer. It does not deal with a case where the purchase is prior to the date of transfer. Even from this angle we cannot say that the AO’s decision to allow the claim u/s.54F of the Act was based on a view which was unlawful or illegal or not possible. In our opinion effort of the CIT was to substitute his view in place of a possible and lawful view taken by the AO, that too after enquiries. In other words, we are of the opinion that the order of AO did not have any error which was prejudicial to the interests of Revenue. Order of CIT u/s.263 of the Act is set aside. - Decided in favour of assessee.
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