Source of utilization of fund irrelevant for deduction U/s. 54/ 54F

Yatin Prakash Telang Vs ITO (ITAT Mumbai)

Facts: Assessee sold immovable property for INR 1.11 Crore on 4^th Feb, 2012, LTCG on sale of property was INR 83,04,453. Assessee had purchased residential flat on 19^th April, 2011 for INR 1.25 Crore, in which he had 70% share, therefore his part of investment was INR 91.20 Lakhs. Assessee invested INR 91.20 Lakhs, out of his saving bank account INR 24 Lakhs and bank loan of INR 67 Lakhs.

Assessee claimed exem

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