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2015 (5) TMI 69 - ITAT PUNEWrong section quoted while claiming deduction u/s 54 or u/s 54F - Conditions relevant to sections fulfilled - Held that:- From the various details furnished by the assessee, it is obvious that the assessee is otherwise entitled to deduction u/s.54. The Ld. Departmental Representative also fairly conceded that the assessee is entitled to claim deduction u/s.54. However, since the assessee had made a claim under the wrong section and proper claim was not made before the AO, therefore, the same was denied to him. Since the assessee fulfils the conditions prescribed in section 54 for claiming the deduction, therefore, merely because the assessee had made a claim under a wrong section instead of the correct section, the same in our opinion, should not be a ground to deny the benefit of deduction otherwise allowable to the assessee. Although, in the instant case, the assessee is a practicing Chartered Accountant and who is supposed to be conversant with the law, however, he has made the claim under the wrong section 54D instead of the correction section 54. However, he is otherwise entitled to deduction u/s.54 as per the facts of the case. Therefore, in view of the various decisions, Paramjeet Singh Chhabra [2015 (4) TMI 939 - ITAT INDORE] relied on by the CIT(A) and in view of the CBDT Circular No. 14 (XL-35) dated 11-04-55, we are of the considered opinion that the relief which is otherwise due to the assessee should not be denied. In this view of the matter and in view of the detailed reasoning given by the CIT(A) and in absence of any distinguishing features brought to our notice, we do not find any infirmity in the order of CIT(A). Accordingly, the same is upheld and the grounds raised by the Revenue are dismissed. - Decided against the revenue.
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