2012 (5) TMI 744

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....llaiya (Accountant Member) The Revenue has filed this appeal for assessment year 2007-08 against order of Ld. CIT(A)-32 dt. 18.3.2010. 2. The Revenue has shown its grievance against allowance of the claim of exemption u/s. 54F of the I.T. Act. 3. Briefly stated the facts of the case are that the year under consideration the return of income was filed by the assessee on 29.10.2007 declarin....

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....Juhu Bungalow was demolished within two years. The AO was of the opinion that as per the provisions of Act, where exemption is claimed u/s. 54F by purchasing a new residential asset, the said residential assets should not be transferred within three years. Since in the instant case, the new asset has been demolished much before completion of 3 years, assessee has violated the provisions of Sec. 54....

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.... before us. The Ld. Departmental Representative relied on the order of AO and reiterated that assessee is not entitled for exemption u/s. 54F. 8. The Ld. AR pointed out that the Hon'ble Supreme Court in the case of Vania Silk Mills P. Ltd. Vs Commissioner of Income-tax (SC) 191 ITR 647 has laid down the principle that extinguishment of right on account of destruction or loss of asset does not a....