Section 54F benefit allowable in case of part performance of contract

Smt. Sabita Devi Agarwal Vs ITO (ITAT Kolkata) In the present case, assessee who was owner of 1/4th share in a residential house, had transferred the asset by way of registering a general power of attorney in favour of  purchaser. The registration of the sale of said property had not taken place. AO invoked the decision in the case of Suraj Lamp & Industries Ltd. vs. State of Haryana; 340 ITR 1 (SC), and held that registration of general power of attorney could not convey the title nor did it tantamount to a valid mode of transfer of immovable property. AO denied the claim of exemption u...