Held that the new asset purchased by the assessee was office premises and not residential premises. Rejection of claim is held to be justified. The payment made to the other co-owners had no relation with the transfer that was the subject matter of computation of long-term capital gains hence not allowble as deduction. (AY.2005-06)
Arun Keshavrao Narwade (HUF) v. ITO (2022) 95 ITR 53 (SN) (Pune) (Trib)
S. 54F : Capital gains-Investment in a residential house-Purchase of office premises-Not residential premises-Not entitle exemption-Different survey number-Compromise deed-No connection with transfer-Not allowable as deduction [S.45, 48]