2005 (11) TMI 43

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....e capital gain on the said sale proceeds was invested by her in the purchase and renovation of a property at 1, Ram Kishore Road, Delhi. Benefit under section 54 was claimed by the assessee qua the said investment which was declined by the Assessing Officer on the ground that the sale transaction of the property had been made only on paper. In appeal the Commissioner of Income-tax (Appeals) upheld....

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....ontinuously ever since the possession of the different portions of the said property was taken over from the vendors. The Tribunal held that the execution of four different sale deeds in respect of four different portions of the property did not materially affect the nature of the transaction or the nature of the property acquired since the property in question was being used by the assessee for h....

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....the requirement under section 54 of the Act stands squarely met. Therefore, the exemption under section 54 is due to the assessee in toto. The learned Commissioner of Income-tax (Appeals) was not correct in restricting the exemption to Rs. 9.60 lakhs plus the cost as against the assessee's claim of Rs. 22,75,465. The purchase from Shanti Agarwal and M/s. Jupitor Builders P. Ltd., has erroneously b....