The dispute between the parties is whether the assessee  is entitled to benefit of S. 54E of the when the asset is demolished within a period of three years from its purchase .AO disallowed the claim .CIT (A) allowed the claim which was affirmed by the Tribunal . On appeal by the revenue , dismissing the appeal , the Court held that claim of exemption  cannot be denied even though the House property which the assessee had purchased as co-­owner had been
demolished before completing 3 years of purchase and no new house property was constructed it  does not violate S. 54F(3) of the Act. Judgement in Vania Silk Mills P. Ltd. v. CIT (SC) 191 ITR 647 (SC) distinguished on facts.(ITA NO (L) 1583 of  2012 dt 24-1 -2013 ). Editorial : Refer Dilip M .Parikh v .Dy CIT ( (2016 ) 178 TTJ 513 ( Mum) ( Trib)