Exemption U/s. 54F cannot be denied for investment of amount in Mutual Funds before Purchase of property

ACIT Vs Shri. Sunil Bandacharya Joshi (ITAT Bengaluru) Undisputedly the assessee had invested in the villa as on 31.03.2011 by paying Rs.1,94,49,302/. However, the quarrel before us is that the amount is not directly invested in purchasing of the villa, rather it is routed through mutual funds. In the considered opinion of the bench what is required u/s.54F of the Act, is the following : That the capital gains must have arisen to the assessee from transfer of the long-term capital asset ; That the assessee within a period of one year before or two years after the date on which the transfer to...