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2016 (10) TMI 973 - HC - Income TaxClaim under Section 54-F denied - AO disallowed exemption holding that it is permissible only when residential house is purchased or constructed within stipulated period - Held that:- There was an agreement for purchase of land which was not carried out and matter was taken to Court, where parties entered into settlement for transfer of plot. Fact remains that no legal document having effect of transfer of immovable property was placed before Appellate Authority. Under the provisions of transfer of Transfer of Property Act, 1882 unless a registered sale deed is executed, title of immovable property can not pass. Agreement to sale is not a transaction of immovable property but only a promise to enter into another agreement relating to sale of immovable property. That is why Tribunal has recorded a finding that from order of Assessing Authority it is evident that there was no sale of property in dispute for the reason that no sale deed was placed before Revenue authorities so as to claim capital gain. In view thereof, finding of Tribunal that there was no capital gain since there was no sale of property, is neither perverse nor illegal - Decided against assessee.
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