2015 (11) TMI 1547

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..... OURT] has, in similar facts, allowed the benefit to the assessee therein after observing that even though the assessee may have technically defaulted but since the sale amount was duly utilized within the specified period of three years, the assessee would be entitled to the benefit of Section 54F of the Act. - Decided in favour of assessee
MR. JUSTICE VINEET SARAN AND MRS. JUSTICE S.SUJATHA F .....

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..... the appeal filed by the assessee was partly allowed. The matter was taken up before the Tribunal , which has allowed the claim of the assessee in toto after recording a categorical finding that it is not dispute d that the assessee had utilized the entire sale amount for purchase of land and construction of residential house, within the stipulated time as provided under Section 54F of the Act. Whi .....

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..... en though the assessee may have technically defaulted but since the sale amount was duly utilized within the specified period of three years, the assessee would be entitled to the benefit of Section 54F of the Act. 6. In our view, the facts of this case are similar t o the one in the case of Fathima Bai (supra) and we have no reason to disagree with the law laid down by the Division Bench of this .....

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