https://www.taxtmi.com/caselaws?id=274613 The Income Tax Appellate Tribunal (ITAT) allowed the claim of exemption u/s 54 (F) of the Income Tax Act for the assessee based on the purchase and sale of shares of M/s Suma Finance and Investment Ltd. The ITAT considered the date of purchase to be March 2001 and April 2001, treating the gain as long term capital gain and deeming the assessee eligible for the exemption. Additionally, the ITAT ruled in favor of the assessee regarding the valuation of the property purchased, rejecting the Assessing Officer's higher valuation based on the DVO's estimation without evidence of understated sale consideration in the registered sale deed. The High Court dismissed the appeal, finding no legal issue to address. en-us Fri, 26 Nov 2010 00:00:00 +0530 Fri, 24 Aug 2018 15:41:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=274613 The Income Tax Appellate Tribunal (ITAT) allowed the claim of exemption u/s 54 (F) of the Income Tax Act for the assessee based on the purchase and sale of shares of M/s Suma Finance and Investment Ltd. The ITAT considered the date of purchase to be March 2001 and April 2001, treating the gain as long term capital gain and deeming the assessee eligible for the exemption. Additionally, the ITAT ruled in favor of the assessee regarding the valuation of the property purchased, rejecting the Assessing Officer's higher valuation based on the DVO's estimation without evidence of understated sale consideration in the registered sale deed. The High Court dismissed the appeal, finding no legal issue to address. Case-Laws Income Tax Fri, 26 Nov 2010 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=274613