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2014 (4) TMI 467 - AT - Income TaxDeduction u/s 54/54F - Deletion of addition made on a/c of Long Term Capital Gain - CIT(A) stated that appellant is eligible to get benefit u/s 54/54F as claimed and AO is not legally correct in withdrawing benefit for default of builders not to allow possession of residential flat within stipulated time – Held that:- Certificate given by assessee has not been disputed by Revenue despite a specific query - Considering grounds agitated by Revenue on merit, no substance in them - As admittedly payments were made by assessee on specific dates pursuant to agreement entered with M/s Golden Gate Properties Ltd, Banglore on 18.12.2008 i.e within specified time - Delivery was scheduled to take place before 30.09.2009 i.e very much within the stipulated time - The fact that there was no relationship between the assessee and the builder has not been assailed by Revenue as such no connivance or collusion can be read into the Agreement - In these peculiar circumstances looking at the settled legal position on the said issue as considered by the Jurisdictional High Court amongst others, no infirmity in impugned order - Satisfied with reasoning and finding of CIT(A) – Decided against Revenue.
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