Case Law Details
ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru)
In the present case, the capital asset was sold on 26.02.2011. The capital asset was purchased on 31.03.2011 and before the purchase of the capital asset the amount was deposited in mutual funds. Therefore in the considered opinion of the bench, before the date of filing of the return, not only the capital asset was purchased by the assessee on 3 1.03.2011, but also the assessee had deposited and invested an amount of Rs.15 lakhs with Canara Bank. Therefore the assessee has fulfilled all the conditions required u/s. 54F for the purposes of claiming the exemption, in our view deposit of money by the assessee inter-alia in mutual fund prior to purchase of residential house albeit will not make any difference if the assessee had purchased the residential house within the time provided by the Act . Therefore in the considered opinion of the bench, appeal of the Revenue is devoid of merit and accordingly the same is dismissed.
FULL TEXT OF THE ITAT JUDGEMENT
These are cross appeals by the Revenue and the assessee respectively, against the order of the CIT (A) -3, Bengaluru, dt. 11.01.2018, for the assessment year 2011-12.
Grounds of appeal raised by the Revenue are as under :
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