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2009 (8) TMI 33 - HC - Income TaxExemption u/s 54F – Capital Gain – Sale of long term asset – investment in new residential house property - As per the claim made before the authorities below, the claim was with respect to “purchase” of a flat. This is important because Section 54-F contains two eventualities claiming for benefit, one, is the purchase of the residential house and second is construction of a residential house. - A reading of the orders of the CIT(A) and the I.T.A.T shows that the assessee has sought to bring his case under the eventuality of “purchase” or “construction”, at his own convenience before the authorities. While before the CIT(A) the stand which was taken was that of purchase of a flat, the stand which was taken up before the I.T.A.T by the assessee was that of a construction of a house within three years of sale of agricultural land. Before this court, once again the stand which has been taken up was of purchase and not of construction within three years of the sale agricultural land. – Benefit of section 54F denied.
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