Relief under s.54 was allowable despite a prior joint...

Relief under s.54 was allowable despite a prior joint development arrangement and demolition, because the "transfer" was treated as occurring on execution of the later conveyances, and reinvestment in a residential house within the statutory window satisfied s.54(1); consequently, denial on the ground that the property had been demolished earlier was set aside. Deposit under the Capital Gains Accounts Scheme under s.54(2) was held inapplicable where the assessee had actually reinvested within time, and s.54 was not deniable merely because no "house property" income was returned, since the test is whether such income was assessable; relief under s.54 was granted. An alternate claim under s.54F was rejected for want of a properly pleaded claim and supporting facts; denial under s.54F was upheld - HC