2011 (4) TMI 173

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....n on sale of property and also claimed the benefit of deduction under section 54F of the Income-tax Act, 1961 on the ground that he had purchased the said property in Mumbai from the said long-term capital gain. The details in this respect are as under :   The assessee had sold one flat at Defence Colony, New Delhi for a consideration of Rs. 1,04,00,000. The said flat was purchased on Dece....

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..... Chamber Constructions (P) Ltd. The assessee also stated that the capital gain of Rs.91,77,118 was eligible for deduction under section 54F as the amount had been invested in the Capital Gains Deposit Account Scheme under section 54F.   2. However, the Assessing Officer rejected the claim of the assessee under section 54F on the ground that the assessee had not produced any evidence showi....

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....n the case of CIT v. Ace Builders P. Ltd. [2006] 281 ITR 210 (Bom). This decision of the Bombay High Court was followed by the same court in CIT v. Delite Tin Industries in I. T. A. 1118 of 2008 dated September 26, 2008. Against the order passed in Delite (supra) proceedings, the Revenue had preferred a special leave petition which has also been dismissed by Supreme Court on August 21, 2009 ([2010....