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2015 (8) TMI 316 - AT - Income TaxDisallowance of exemption in respect of capital gains u/s 54 as earned on sale of residential property - whether the deduction under section 54 is allowable in respect of the investment made in the residential property outside India for the assessment year under consideration? - Held that:- Following the order of the co-ordinate bench of the Tribunal in the case of "Mr. Girdhar Mohanani & Mrs. Varsha Girdhar [2015 (8) TMI 212 - ITAT MUMBAI] wherein held as during the year under consideration, assessee was entitled for exemption u/s.54 even if investment was made in residential house situated outside India, provided that assessee has to comply with other conditions of Section 54. Since the AO has out-rightly declined exemption on this plea without examining the other conditions of Sec.54 so as to make assessee eligible, we accordingly restore the appeal to the file of the AO for verifying other conditions to be fulfilled for grant of exemption u/s.54 , we decide this issue in favour of the assessee.
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