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2017 (5) TMI 1778 - AT - Income TaxDisallowance of exemption u/s. 54F - disallowance of exemption claimed by the assessee u/s. 54F - assessee did not claim any deduction subsequently, the assessee filed a revised return u/s. 153A wherein the assessee claimed deduction u/s. 54F of the Act in respect of a new flat purchased by her - HELD THAT:- There is merit in the contention of the assessee, as the claim of the assessee is supported by the decision rendered by Hon'ble Bombay High Court in the case of B.G. Shirke Construction Technology P. Ltd.[2017 (3) TMI 879 - BOMBAY HIGH COURT] There is no dispute with regard to the fact that the present assessment falls in the category of abated assessment and hence the entire assessment is open before the AO. The claim of the assessee for deduction u/s 54F of the Act can be entertained in the facts and circumstances of the present case. The assessee has also demonstrated before CIT(A) that she is holding only one residential house on the date of sale of commercial property. It has been submitted that the house, where she resides, does not belong to her. If that be the case, the assessee shall be entitled for deduction u/s. 54F - assessee has chosen not to disclose the ownership details of the house where she is residing, i.e., whether it belongs to some other family members or it was rented flat. Accordingly we set aside the order passed by Ld CIT(A) and restore the same to the file of the Assessing Officer with the direction to allow the claim of the assessee u/s. 54F - Decided in favour of assessee.
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