ORDER SHEET IN HIGH COURT AT CALCUTTA Special Jurisdiction (Income Tax) ORIGINAL SIDE ITA No. 802 OF 2004 C. I. T. KOLKATA - X Versus LAXMIPATI BHATIA BEFORE: Hon'ble JUSTICE GIRISH CHANDRA GUPTA Hon'ble JUSTICE ARINDAM SINHA Date : 31st March, 2015. Md. Nizamuddin, Adv. for Appellant Mr. Soumitra Mukherjee, Adv. for Respondent Court: question formulated at time of admission of appeal pertaining to assessment years 1991-92 and 1996-97 is as follows : Whether in facts and circumstances of case, advance paid by assessee in terms of agreement to purchase residential premises constitute investment within meaning of section 54F of Income Tax Act, 1961 and eligible to benefit under section 54F(1) after holding that case does not come within purview of section 54F(2), as was held by learned Tribunal, was justified and whether such finding was perverse ? 2 It was not disputed by Mr. Nizamuddin before us that sale proceeds obtained by assessee were invested in purchasing flat for purpose of residence within period prescribed by section 54F(1) of Income Tax Act, 1961. When all conditions required under sub-section (1) of Section 54F were duly fulfilled, learned Tribunal correctly held in favour of assessee. Mr. Nizamuddin was unable to show why is order passed by learned Tribunal perverse. question is as such answered against revenue. appeal is dismissed with costs assessed at Rs.10,000/- payable to assessee. (GIRISH CHANDRA GUPTA, J.) (ARINDAM SINHA, J.) km C. I. T. Kolkata - X v. Laxmipati Bhatia