TMI Blog2012 (5) TMI 744X X X X Extracts X X X X X X X X Extracts X X X X ..... fer as the assessee has invested the amount as per provisions of Sec. 54F in the residential house, the exemption cannot be denied. - Decided in favour of assessee. - ITA No. 4956/Mum/2010 - - - Dated:- 16-5-2012 - D. K. Agarwal (Judicial Member) And N. K. Billaiya (Accountant Member) For the Appellant : P. C. Maurya For the Respondent : K. Shivaram Rahul Hakani ORDER N. K ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 9.2006 for a consideration of ₹ 5.40 crores. The assessee is one of the co-owner has shown her share out of the sale consideration at ₹ 2.70 crores. While computing the capital gains, assessee claimed exemption u/s. 54F of the Act as she has invested the consideration towards purchase of Bungalow at Juhu. The claim of the assessee was denied by AO because on spot enquiries conducted, i ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sed. Sub-Section (3) of section 54F can be invoked only if such new asset is transferred by the appellant. The demolition of structure does not constitute transfer of the same. Therefore, the action of the AO in invoking sub section (3) of Section 54F under the given facts and circumstances of the case cannot be upheld. Ground No. 2 of appeal is, accordingly, allowed. 7. Aggrieved, Revenue pr ..... X X X X Extracts X X X X X X X X Extracts X X X X
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