HC : Allows Sec 54 benefit on flats received as part of residential property sales consideration

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