2013 (11) TMI 1550

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.... by Revenue directed against the order of CIT(A)-II, Hyderabad dated 08-05-2013. Notice of hearing to the party was issued and served on Assessee, but, none appeared when the case was taken up for hearing. After hearing the learned DR, the appeal is decided exparte respondent. 2. The issue in this appeal is with reference to claim of investments u/s 54B and 54F. Assessee sold long term capital as....

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....g deductions ujs.54B & 54F there is no taxable long term capital gains. He has further relied on the following case laws in support of his contention: (a) Smt. Asha George Vs. Incometax Officer, Ward- 2(1), Thrissur, High Court of Kerala (2013) (30 Taxmann 334) (b) Dy.CIT, Circle-L, Agra Vs. Tej Singh (ITAT, Agra Bench) (25 Taxmann 573) (c) CIT Vs. Rohtas, High Court of Punjab & Haryana (167 Ta....

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....has held that sections 54 and 54F are independent of each other and operate in respect of long term capital gains arising out of transfer of distinct and separate long term capital assets. 5.2 In view of the above discussion, it is held that the exemption us/ 54B and 54F are not mutually exclusive and they are independent of each other and the appellant is entitled to exemption under both the sec....