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2016 (2) TMI 90 - AT - Income TaxRevision u/s 263 - exemption u/s 54F alowed to assessee - Held that:- Before the Ld. CIT as well as before us the assessee had duly demonstrated that the assessee had claimed exemption against property purchased at Dosti and another property at Hiranandani Maitry Park was under construction for which only advance was given and assessee had not acquired any possession of the said property. Otherwise also, the said property was jointly held by his mother who was the first holder and the assessee was the second holder. Once the assessee has invested the entire LTCG arising from the sale of shares and the said gain has been invested entirely in the purchase of flat in his name within the time period given in section 54F, then assessee is eligible for exemption u/s 54F from such LTCG. Ld. CIT has not disputed this contention of the assessee raised before him, but has simply set aside the assessment to the AO to examine it afresh. Such an exercise by the CIT cannot be appreciated, firstly, he should give specific finding as to why such a contention raised by the assessee is not correct or divorced from the facts and material records and secondly, how on the facts the order of the AO is actually erroneous and also prejudicial to the interest of the revenue. Simply mentioning the phrase in the order that the “assessment order is erroneous and so far as it is prejudicial to the interest of the revenue” is not sufficient - Decided in favour of assessee
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