Demolition of house is ‘transfer’ & Exemption U/s. 54F may be withdrawn on such transfer

ITAT MUMBAI BENCH ‘D’ Assistant Commissioner of Income-tax-21(3) Versus Dilip Manhar Parekh IT Appeal No. 6596 (Mum.) of 2011 C.O. No. 37 (Mum.) of 2012 [ASSESSMENT YEAR 2007-08] JANUARY  30, 2013 ORDER D. Manmohan, Vice-President These cross appeals pertain to A.Y. 2007-08 and they are directed against the order dated 4.7.2011 passed by learned CIT(A)-32, Mumbai. Denial of exemption u/s. 54F of the Act in respect of investment made by the assessee, co-owner in the Juhu Bungalow, is the subject matter of dispute before us. 2. Facts necessary for disposal of the ap...