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N.V.VASUDEVAN, ABRAHAM P.GEORGE
Smt. Sajida Begum – Appellant
Versus
Income-tax Officer, Ward 15 (2), Bangalore – Respondent
N.V. Vasudevan, Judicial Member - This appeal by the assessee is against the order dated 18.2.14 of the CIT(Appeals), LTU, Bengaluru relating to assessment year 2009-10.
2. The only issue that arises for consideration in this appeal is as to whether the revenue authorities were justified in denying the claim of deduction u/s. 54F of the Act.
3. The facts and circumstances under which the aforesaid issue arises for consideration are as follows. The assessee is an individual. During the previous year i.e., on 4.9.2008, the assessee sold a vacant site for a consideration of Rs.65,65,000. The assessee purchased another vacant site on 9.7.2009 for a sum of Rs. 42,75,000 and deposited the balance capital gain in the Capital Gains Account Scheme with Syndicate Bank, with a view to claim exemption of the entire capital gain on the sale of vacant site by investing the entire sale consideration received by acquiring another site and constructing residential house thereon.
4. Under section 54F of the Act, where capital gain arises from transfer of any long term capital asset, not being a residential house and the assessee has within a period of three years, after the date of transfer, const
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