2015 (11) TMI 1547

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....ard learned counsel for the appellants and perused the record. 2. The dispute in the present appeal relates to the assessment year 2008-09. The facts of this case are that the respondent-assessee had sold his property and claimed benefit of Section 54F of the Income Tax Act, 1961( for short 'the Act'). It is not disputed that after selling the property, within three years, the entire sale amount ....

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....ion Bench decision of this Court in the case of Fathima Bai -vs- Income Tax Officer (2009) 32 DTR 243. 5. Learned counsel for the Revenue has vehemently submitted that since there was no proper compliance of sub-section 4 of Section 54F of the Act, in as much as no Capital Gains Account was opened by the assessee in which the sale proceeds had been deposited and thereafter utilized for the purcha....