The dispute between the parties is whether the assessee \u00a0is 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 \u00a0cannot be denied even though the House property which the assessee had purchased as co-\u00adowner had been
demolished before completing 3 years of purchase and no new house property was constructed it\u00a0 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\u00a0 2012 dt 24-1 -2013 ). Editorial : Refer Dilip M .Parikh v .Dy CIT ( (2016 ) 178 TTJ 513 ( Mum) ( Trib) <\/p>\n","protected":false},"excerpt":{"rendered":"
S.54F : Capital gains- Investment in a residential house -Claim of exemption cannot be denied even though the House property which the assessee had purchased as co-\u00acowner had been
\ndemolished before completing 3 years of purchase and no new house property was constructed.-Does not violate section 54F(3) of the Act. [ S. 2(47) 45, 54F(3) ]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-13003","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-3nJ","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13003","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=13003"}],"version-history":[{"count":2,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13003\/revisions"}],"predecessor-version":[{"id":20121,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/13003\/revisions\/20121"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=13003"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=13003"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=13003"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}