No Sec. 54 deduction on Acquisition of Perpetual Tenancy Right

IN THE ITAT MUMBAI BENCH ‘G’ Yogesh Sunderlal Shah versus Assistant Commissioner of Income-tax 24(1) IT Appeal No. 1876 (Mum.) of 2012 [Assessment Year 2008-09] September 21, 2012 ORDER Rajendra Singh, Accountant Member   This appeal by the assessee is directed against the order dated 27.2.2012 of CIT(A) for the assessment year 2008-2009. The only dispute raised in this appeal is regarding allowability of exemption u/s 54 of the Act in respect of capital gain earned by the assessee from sale of house property. 2. The facts in brief are that during the assessment p...