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2020 (2) TMI 87 - AT - Income TaxCapital gains arising from the sale of land to be long term capital gain in the hands of assessee HUF - HELD THAT:- CIT(A), in our view, has appreciated the facts in perspective and held the capital gains arising on sale of land to be long term capital gain in the hands of the assessee HUF. No error in the process of reasoning adopted by the CIT(A) while granting the relief to the assessee. Deduction u/s 54EC & 54F - HELD THAT:- The assessee has also furnished copy of bank account showing the deposit in capital gain scheme. The disallowance made by the AO is not justified as it is already held that sale of the land is long term capital gain instead of short term capital gain as held in the assessment order. Since the assessee has transferred long term capital asset, the deduction u/s.54F is available to the assessee. The assessee has also invested an amount of ₹ 1,25,00,000/-before the due date of filing of return as prescribed in the Section 54EC of the Act. As the assessee has fulfilled the conditions prescribed in Section 54EC of the Act, he is eligible for the deduction u/s.54F - Decided against revenue.
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