No Section 54 exemption If assessee himself demolishes building before sale

HIGH COURT OF KARNATAKA Commissioner of Income-tax, Central Circle versus Ved Prakash Rakhra IT APPEAL NO. 1081 OF 2006 AUGUST 28, 2012 JUDGMENT B. Manohar, J. This appeal is by the Revenue, being aggrieved by the order dated 28-2-2006 made in ITA No. 3782/Bang/2004 passed by the Income Tax Appellate Tribunal, Bangalore ‘B’ Bench partly allowing the appeal setting aside the order dated 09-11-2004 made in ITA No. 14/W 6(4)/ CIT(A)III/2004-05 passed by the CIT (Appeals)-III, Bangalore. 2. The respondent-assessee filed his return of income for the assessment year 2001...