No exemption U/s 54F for purchase of land prior to period of one year from sale of capital asset

Advertisement Shri. Parswanath Padmarajaiah Jain Vs ACIT (ITAT Bangalore) Conclusion: Assessee was not entitled to the benefit of section 54F in respect of the investment made by assessee in purchasing the capital asset (land) as the said purchase of land was not within a period of one year prior to the sale of capital asset or falling in any of the categories in which assessee was entitled to claim exemption u/s.54F. Held: AO denied assessee’s claim of deduction under section 54F on the reason that the new land was acquired by assessee before one year of sale of the capital asset i.e. 01...