Section 54F Exemption without evidence of Agreement & Payment not allowable

Smt. Archana Kanwar Vs ITO (ITAT Chennai) We have heard both the sides, perused the materials available on record and gone through the orders of authorities below. During the previous year relevant to the assessment year 2012-13, the assessee sold a vacant plot at Gurgaon, Haryana for a consideration of ₹.75,00,000/- after reducing the index cost of acquisition [₹.3,77,585/-] the net long term capital gains was arrived at ₹.71,22,415/-. Out of this, long term capital gain, a sum of ₹.59,22,521/- was claimed as deduction under section 54F of the Act towards investment in new flat. Anoth...