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2010 (5) TMI 639 - ITAT DELHIExemption under section 54F of the Income-tax Act - assessee claimed deduction for purchasing two residential units - Held that:- in the case of Narendra Mohan Uniyal assessee had sold a piece of land and had earned capital gains. Thereafter, the assessee purchased a piece of land for Rs. 30 lakhs. Later yet, the assessee purchased a plot of land contiguous to the land purchased earlier. A residential house was constructed only on one piece of land purchased. The other piece was kept vacant. On denial of benefit under section 54F of the Act to the assessee, when the matter reached the Tribunal, it was held that section 54F of the Act contains no rider that no deduction will be allowed in respect of investment of capital gains made in acquisition of land appurtenant to a building or an investment in land on which the building is to be constructed. Reliance by the learned Commissioner of Income-tax (Appeals) on [ITO v. Ms. Sushila M. Jhaveri (2007 -TMI - 59614 - ITAT BOMBAY-I)] is by holding and, rightly so, that the assessee's case was still better, since the assessee had purchased the two floors of the same building within a short span of two days, no error whatsoever in the order passed by the learned Commissioner of Income-tax (Appeals), the same is hereby confirmed, appeal filed by the Department is dismissed.
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