Bombay HC upholds ITAT
order, allows exemption u/s 54 to individual assessee for flats received as
part of consideration for sale of residential property for AY 2007-08; Notes
that assessee had received sale consideration partly in cash and partly in form
of new flats to be constructed and allotted to the assessee; HC upholds ITAT’s
conclusion that new flats amounted to assessee's investment for acquisition of
new residential house and AO was not justified in adding back price of such
flats as part of consideration while also denying benefit u/s 54; Rejects
Revenue's contention that market value of such flats cannot be considered as
investment in new residential house when assessee had not made payment in money
terms or in kind.:HC
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