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2017 (1) TMI 1762 - AT - Income TaxDeduction u/s 54 - new residential Flats as been purchased jointly in the name of the assessee and that of her daughter, had thus rightly been restricted by the CIT(A) to the extent of 50% of the total investment - HELD THAT:- In light of the binding force of the judgment of the Jurisdictional High Court in the case of Prakash Vs. ITO [2008 (9) TMI 234 - BOMBAY HIGH COURT] the entitlement of the assessee towards claim of deduction u/s 54, in light of the fact that the aforesaid new residential Flats No. 1508 and 1509 had been purchased jointly in the name of the assessee and that of her daughter, had thus rightly been restricted by the CIT(A) to the extent of 50% of the total investment at ₹ 83,08,250/- (i.e. 50% of ₹ 1,66,16,500/-). Thus finding no reason to take a different view, we herein uphold the order of the CIT(A) and dismiss the appeal of the assessee.
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