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2018 (10) TMI 277 - AT - Income TaxDeduction u/s 54F - eligibility criteria - determination of net consideration - Held that:- On perusal of section 54F, what is, therefore, relevant is the investment of the net consideration in respect of original asset which has been transferred and whether net consideration is fully invested in the new asset. The net consideration as determined under section 50C based on the stamp duty authority valuation is not a consideration which has been received by or has accrued to the assessee. The ld. D.R. did not place reliance on the proviso to section 54F. It is, therefore, clear that the entire net consideration and whatever has physically received and accrued to the assessee, the entire amount has been invested and in such circumstances, provisions of section 54F(1)(a) are complied with by the assessee and, therefore, assessee becomes eligible for deduction in respect of whole of the capital gains to be computed under section 45 read with section 48 and 54F(1)(a) of the Act. In this view of the matter, we set aside the order of the ld. CIT(A) and allow the appeal of the assessee.
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