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Disallowance of exemption u/s. 54 F - Income TaxExtract One of my assessee has sold his property on 21.03.2007 and we arrived long-term capital gain amount Rs. 92,67,000/-. But the assessee has filed his return of income on 29.07.2008 and not made any deposit into Capital Gain Account. Also he has purchased new assets of one residential property on 24.08.2007 for Rs. 39,00,000/-, for that, he has executed sale agreement on 20.04.2007 without made any advance amount. In this circumstance, we have claimed exemption u/s. 54 F for Rs. 39,00,000/- as the assessee invested the amount within six month from the date of Transfer. But, the Income Tax Officer has disallowed this and demanded the tax. Now we want justification with case law reference.
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