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2020 (6) TMI 28 - AT - Income TaxDisallowance u/s 54F - amounts spent on construction of the residential house property after the date of long term capital gain/transfer of the original asset - According to AO residential house (flat) was purchased on 29/09/2009, which is beyond the period of purchase of residential house (i.e 17/08/2010 to 18/08/2013) - HELD THAT:- Ratio of the above decision in the case of Ayushi Patni [2019 (1) TMI 1130 - ITAT PUNE] is squarely applicable over the facts of the instant case and thus accordingly, we hold that the new asset i.e. residential house has been purchased within two years from the date of transfer of the original asset i.e shares, and thus, the assessee is entitled for benefit of section 54F of the Act. The finding of the Ld. CIT(A) on the issue in dispute is accordingly set aside and the Assessing Officer is directed to allow the benefit of section 54F - Decided in favour of assessee.
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