HC grants exemption U/s. 54F on construction of new house after demolishing of old one

The Assessing Officer made two additions. Firstly, benefit under Section 54F of the Act was denied and capital gains of Rs.51,71, 994/- was brought to tax. The second addition made by the Assessing Officer of Rs.19,75,410/- under Section 68 of the Act was deleted by the CIT(Appeals) recording that the said addition was entirely unjustified. The Assessing Officer himself in the remand report accepted the factual position. The assessee, an individual, had sold property No. A-173, Kaushambi, Ghaziabad on 5th October, 2006 for Rs.45 lacs. Since the stamp duty was paid on circle rates, the assessee...