On appeal by the revenue the revision was up held , however on merit, deduction is allowed where assessee invested sale proceeds of hospital business in UTI within prescribed time period. As regards share of daughter received by way of release , the matter was remanded to verify whether period exceeded 36 months and decide according to law. ( AY.1999-200)
CIT v. P.N. Bhaskaran (Dr. ) v . (2018)407 ITR 169/ 257 Taxman 161 (Ker)(HC)
S. 263 : Commissioner – Revision of orders prejudicial to revenue -Capital gains- Firm- Investment in specified assets- Revision up held -On merit , deduction is allowed where assessee invested sale proceeds of hospital business in UTI within prescribed time period- Share of daughter received by way of release , the matter was remanded to verify whether period exceeded 36 months and decide according to law . [ 45(4) 54EA ]