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2019 (8) TMI 232 - ITAT BANGALOREDeduction u/s 54F - assessee purchased two properties - whether the assessee is eligible for deduction u/s. 54F in respect of both the house property purchased by the assessee or not? - scope of amendment - HELD THAT:- In view of the specific provision of section 54F, after the amendment w.e.f. 01.04.2015 i.e. Assessment Year 2015-16, deduction is allowable u/s. 54F(1) only in respect of one residential house purchased or constructed by the assessee and hence, on this aspect, we find no infirmity in the order of CIT(A) and we hold that the assessee is not eligible for deduction u/s. 54F(1) in respect of both the house properties purchased by the assessee. In fact, the requirement of the proviso is this that if the assessee purchases any residential house other than the new asset within the period of one year after the date of transfer of original asset, deduction is not allowable u/s. 54F (1). Hence whether the deduction u/s. 54F (1) is allowable in respect of second property or first property, it is not material because in both the situations, the proviso will be operating and as a result, the assessee will not be eligible for deduction u/s. 54F (1). In view of these facts and legal position, we hold that there is no infirmity in the order of CIT(A) as per which he has held that assessee is not eligible for deduction u/s. 54F (1) in the facts of present case. - Decided against assessee.
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