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2018 (2) TMI 2032 - AT - Income TaxExemption u/s 54 - Capital gain on sale of residential house property treated as short term capital gain - HELD THAT:- Since, the exemption claimed by the co-owner in respect of the same property has been allowed by the Ld. CIT (A), the Ld. CIT (A) in the present case has no reason to deviate from the decision taken by the CIT (A) in the case of the assessee who is also a co-owner of the said property. The order of the Ld. CIT (A) passed in the case of Gulshan Mallik [2014 (3) TMI 474 - DELHI HIGH COURT] and also in accordance with the CBDT Circular No. 672 dated 16.12.1993 and also in accordance with the decision of the co-ordinate Bench rendered in Anita K Kalyani vs. ACIT [2017 (2) TMI 788 - ITAT MUMBAI] Hence, we allow the sole ground of appeal of the assessee and set aside the impugned order passed by the Ld. CIT(A). Accordingly, we direct the AO to allow the exemption u/s 54 of the Act claimed by the assessee. - Decided in favour of assessee.
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