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2021 (2) TMI 1004 - AT - Income TaxExemption u/s 54 - purchase of house by assessee i.e. residential house - capital gains arising out of sale of flat invested in the flat situated at Crescent Bay apartments at Parel, Mumbai - assessee had made part payment of for Crescent Bay Flat, Mumbai and has deposited part amount in the Capital Gain Account Scheme for the A. Y 2013-14 - Assessing Officer restricted the claim to the extent as invested in purchase of flat at Nirala Nagar, Lucknow - HELD THAT:- Property at Lucknow was purchased vide agreement executed by assessee on 29.07.2013, which is later date. Original purchase was of residential flat in Crescent Bay apartments at Parel, Mumbai. It is a fact that the assessee has kept the money either in capital gain account scheme or made part payment for purchase of residential flat in Crescent Bay apartments at Parel, Mumbai and this has a direct nexus that the consideration received from sale of residential property was invested in purchase of this property. Hence, it is the choice of the assessee to claim exemption on one flat and CIT(A) rightly restricted the same to the investment made in purchase of residential flat at Crescent Bay apartments at Parel, Mumbai. The CIT(A)’s direction to the Assessing Officer is perfectly within the provisions of law. We find no infirmity in the order of CIT(A) and hence, the same is confirmed.- Decided against revenue.
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