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2016 (10) TMI 973 - ALLAHABAD HIGH COURT

2016 (10) TMI 973 - ALLAHABAD HIGH COURT - TMI - Claim under Section 54-F denied - AO disallowed exemption holding that it is permissible only when residential house is purchased or constructed within stipulated period - Held that:- There was an agreement for purchase of land which was not carried out and matter was taken to Court, where parties entered into settlement for transfer of plot. Fact remains that no legal document having effect of transfer of immovable property was placed before Appe .....

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placed before Revenue authorities so as to claim capital gain. - In view thereof, finding of Tribunal that there was no capital gain since there was no sale of property, is neither perverse nor illegal - Decided against assessee. - Income Tax Appeal No. 335 of 2006 - Dated:- 8-9-2016 - Hon'ble Sudhir Agarwal And Hon'ble Dr. Kaushal Jayendra Thaker, JJ. For the Appellant : R.B. Shukla For the Respondent : Standing Counsel,A.N.Mahajan,B.J.Agrawal,C.S.C. ORDER 1. Heard Sri R.B. Shukla, .....

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e Tribunal was legally justified in upholding the prima facie adjustment beyond the purview of section 143(1)(a) of the Act with reference to claim of deduction of ₹ 4,22,400/- under section 54F of the Act de hors the clause (iii) of proviso to the said section that permits such adjustment only "on the basis of the information available in such return accounts or documents." 2. Whether on the facts and in the circumstances of the case the Appellate Tribunal was legally justified .....

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in such circumstances in the assessment year relevant to the year in which period of three years expires. 4. Whether on the facts and in the circumstances of the case the Appellate Tribunal was legally justified in upholding prima facie adjustment under section 143(1) (a) of the Act by treating the investment of Rs.one lakh outside the Capital Gains Scheme despite the certificate of the bank to the contrary." 5. Basically, dispute relates to disallowing assessee's claim under Section 5 .....

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