Commissioner of Income Tax21 vs. Ms. Chhaya B. Parekh

Court:	Hon'ble Bombay High Court
Head Notes:	Claim of exemption under section 54F of the Act is eligible even though the House property which the Assessee had purchased as coowner had been demolished before completing 3 years of purchase and no new house property was constructed. Does not violate section 54F(3) of the Act. Hon’ble Supreme Court decision in Vania Silk Mills P. Ltd. v. CIT (SC) 191 ITR 647 (SC) distinguished on facts destruction of assets when not on account of any transfer would not be hit by Section 54F(3) of the Income tax Act, 1961
Law:	Income-Tax Act
Section(s):	54F of the Income tax Act, 1961
Counsel(s):	Mr. Abhay Ahuja for the Appellant. Dr. Shivram with Mr. Paras Savla for the Respondent.
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Uploaded By	Shashi Bekal
Date of upload:	September 28, 2020