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2017 (4) TMI 1562 - ITAT CHENNAIDeduction u/s 54F and 54EC - Claim denied as asset happened to be short term capital asset - CIT(A) arrived at a conclusion that as the period of holding is treated as short term period, the benefit of indexed cost and inflation cost to the asset to the previous owner is not applicable because the transfer of asset is not covered by sec. 49(1) r.w.s. 2(42A). The AO is accordingly, directed to withdraw the cost of indexation given in the assessment order - HELD THAT:- Admittedly, there was no issue of applicability of Sec.46 of Transfer of Property Act, 1882 was raised before the lower Authorities and this is a new plea taken by the ld.A.R before us. The lower authorities have no occasion to consider this plea. Being so, in the interest of justice, we remit the issue back to the file of Ld.CIT(A) for denovo consideration and decide after giving opportunity of hearing to the assessee. Before the Ld.CIT(A), the assessee is at liberty to present necessary documents in support of claim made by the assessee. At this stage, we refrain from adjudicating any other grounds raised before us.
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