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2015 (12) TMI 344 - AT - Income TaxRejection of deduction claimed u/s 54F - Held that:- On a careful perusal of the orders passed by the tax authorities, we notice that the assessee as well as the tax authorities has not properly applied the provisions of sec. 54 and 54F. The deduction allowed u/s 54 and 54F is property specific. Hence, we are unable to understand as to how the assessee and AO could deduct the amount of ₹ 5.00 lakhs on the reasoning that the deduction to that extent was allowed in the immediately preceding year. We are unable to understand as to the provisions under which such kind of reduction is allowed. The deduction u/s 54 should be allowed against the long term capital gain. However, the AO has not computed the long term capital gain, but allowed the same against the sale value. Thus the deduction claimed by the assessee u/s 54/54F requires fresh examination at the end of the assessing officer. - Decided in favour of assessee for statistical purposes. Assessment of rental income under the head Income from house property instead of assessing the same as Business income - Held that:- Ld A.R placed reliance on the recent decision rendered by the Hon’ble Supreme Court in the case of Chennai Properties & Investments Ltd.[2015 (5) TMI 46 - SUPREME COURT] Hence, we are of the view that this issue also requires fresh examination in the light of the decision of Hon’ble Apex Court, referred above. Accordingly, we set aside the order of Ld CIT(A) on this issue also and restore the same to the file of the AO for fresh consideration. - Decided in favour of assessee for statistical purposes.
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