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2018 (6) TMI 1826 - AT - Income TaxDisallowance of deduction claimed u/s 54B - HELD THAT:- In the case of the co-owner Shri Keshav Sunderam Rajam [2017 (12) TMI 1852 - ITAT CHENNAI] this Tribunal remitted the matter back to the file of the AO. AO was directed to re-examine the matter afresh in the light of the material that may be produced by the assessee and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. Since the present assessee is also one of the co-owners of the property, for the sake of consistency, this Tribunal is of the considered opinion that the matter needs to be re-examined by the AO - Accordingly, the orders of both the authorities below are set aside and the issue raised by the assessee is remitted back to the file of the AO. AO shall re-examine the matter in the light of the material that may be produced by the assessee, more particularly the Adangal extract and other relevant documents, and thereafter decide the issue afresh in accordance with law, after giving a reasonable opportunity to the assessee. Appeal filed by the assessee is allowed for statistical purposes.
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