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TMI Blog2001 (7) TMI 38X X X X Extracts X X X X X X X X Extracts X X X X ..... right in holding that notwithstanding the fact that the sale price of the shares was not actually invested in the house property, the assessee would got exemption under section 54F since the house property was registered in her name within two years from the date of the sale of the shares? 3. Whether, on the facts and in the circumstances of the case and on a proper interpretation of section 54F, the Tribunal was right in law in upholding the assessee's claim to relief under section 54F on the ground that all the conditions of the section were satisfied?" The assessment year in hand is 1987-88. During the course of assessment, the Assessing Officer noticed that the assessee has sold the shares and invested the sale consideration in the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... consideration of Rs.25 lakhs and deed was executed and registered. But actually she used the sale proceeds to the tune of Rs.5,21,279 for purchase of stamps, Rs.4,75,000 was paid to the seller on October 8, 1986 and Rs.21,667 was paid to the seller on December 26, 1986, Rs.43,334 was paid to the seller on October 24, 1987. The case of the Assessing Officer was that as she has not actually utilised the entire sale proceeds on account of sale of shares. The amount to the extent it has not been utilised for the purchase of the residential house is not entitled for benefit of section 54F of the Act. The Tribunal was of the opinion that when the assessee has purchased the property on September 30, 1986, by registered sale deed in her name, th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... de within one year before the date on which the transfer of the original assets took place or which is not utilised by him for the purchase or construction of the new asset before the date of furnishing the return of income under section 139 or that amount is not deposited as required under sub-section (4) the assessee shall not be entitled for benefit of the provisions of section 54F. The admitted facts in the case in hand are that the shares are sold on September 29, 1986, and the assessee purchased a residential house on September 30, 1986, for Rs.25 lakhs and she paid Rs.5 lakhs to the seller, Rs.5,00,000 used for purchase of stamp papers for execution of the sale deed. Therefore, the total amount comes to Rs.30 lakhs for the purchas ..... X X X X Extracts X X X X X X X X Extracts X X X X
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