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2014 (7) TMI 130 - AT - Income TaxClaim of exemption u/s 54F – amount advanced to his wife towards purchase of the property - assessee has 50% ownership over the property - Held that:- The AO does not dispute the fact that assessee’s wife has purchased the property in her name by utilizing the amounts advanced by the assessee - the assessee’s investment in the property cannot be disputed - the assessee has shown the amount advanced to his wife towards purchase of the property in the cash flow statement - If the AO had any doubt with regard to the fact, he should have conducted necessary enquiry to find out whether the assessee has actually made the advance of ₹ 40 lakh to his wife - the finding of the AO appears to be contradictory – there was no infirmity in the order of the CIT (A) in directing the AO to allow deduction u/s 54F of the Act - the CIT (A) has power coterminous with that of the AO - When the evidence produced is glaring and speaks for itself, it will serve no purpose in getting it verified again by the AO – thus, the order of the CIT(A) is upheld – Decided against Revenue.
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