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2018 (11) TMI 1561 - BOMBAY HIGH COURTExemption under Section 54 - allotment of the flats was in the nature of the assessee's investments in new residential property - adoption of FMV as on 1st April, 1981 - Held that:- Tribunal notices that the assessee had received sale consideration partly in cash and partly in form of new flats to be constructed and to be allotted to the assessee. The Tribunal, therefore, correctly came to the conclusion that the assessee's investment in such new flats amounts to investment for acquisition of new residential house. The Tribunal, therefore, correctly held that the Assessing Officer was not justified in disallowing the exemption under Section 54 of the Act. No question of law arises
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