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2018 (12) TMI 1329 - AT - Income TaxEntitlement to the benefit of 54F - land purchased is prior to the disposal of Asset resulting in Capital Gain - Held that:- section 54F is an exemption provision and though there is no ambiguity in reading of 54F assuming there is some ambiguity in that eventuality section 54F is required to be read in favour of the Revenue as held by the Hon’ble Supreme Court in the matter of Dileep Kumar & Co. (2018 (7) TMI 1826 - SUPREME COURT OF INDIA ). We dismiss the appeal of the assessee and hold that the assessee is not entitled to the benefit of Section 54F in respect of the investment made by the assessee in purchasing the capital asset (land) prior to the period of one year from the sale of capital asset , as the said purchase of the land was not within a period of one year prior to the sale of the capital asset or falling in any of the categories in which the assessee was entitled to claim exemption u/s.54F under various categories. - Decided against assessee
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