9911796707
TMI Blog2015 (2) TMI 69X X X X Extracts X X X X X X X X Extracts X X X X ..... essee. Hence, the present appeal is dismissed. The questions of law raised in this appeal is answered in favour of the revenue and against the assessee. Accordingly, we hold that the Tribunal was right in law in holding that benefit of Section 54E is available where the assessee has invested or deposited the whole or any part of net consideration in any specified asset within six months from the date of consideration received and not from the date of such transfer. - Decided against revenue. - Tax Appeal No. 52 of 2004 - - - Dated:- 12-12-2014 - KS Jhaveri And K. J. Thaker,JJ. For the Petitioner : Mrs Swati Soparkar, Adv. For the Respondent : Mrs Mauna M Bhatt, Adv. ORDER (Per : Honourable Mr. Justice KS Jhaveri) 1. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... law and on facts in holding that benefit of Section 54E is available where the assessee has invested or deposited the whole or any part of net consideration in any specified asset within six months from the date of consideration received and not from the date of such transfer ? (ii) Whether, in the facts and circumstances of the case,the deduction under Section 54E is available when the investment in the specified asset is made within a period of 6 months from the date of transferor from the date of receipts of sale consideration ? 4. Mr. Soparkar, learned advocate for the appellant-assessee has contended that all the authorities have committed error in passing the orders. He submitted that the assessee had received ₹ 5,08,805 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e are of the opinion that the contention of learned advocate for the appellantassesee is not acceptable. 7. Further, the Tribunal in paragraph No.17 of its order has observed as under:- 17. From the aforesaid discussion, it is very clear that an assessee who desired to avail benefit of section 54E must strictly satisfy all those conditions which are provided therein. One of the conditions of the section is that assessee is to deposit whole or any part of the net consideration in any specified assets within a period of six months after the date of transfer. There is no dispute about the facts that the transfer in the present case took place when sale deed was executed and registered on 07.08.1982 and the investment of ₹ 1,89,904 ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
