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2008 (4) TMI 308 - DELHI HIGH COURTComputing taxable capital gain –assessee claim that first deductions u/s 48 are to be made and then the provisions of sections 53 and 54 are to be applied – assessee claim that deduction u/s 48(2) should be first allowed and then cost of new residential flat and the bonds should be deducted – AO however first deducted the amount of investment made by assessee in purchase of the flat and bonds – Commissioner is justified in accepting assessee’s claim – held that deduction u/s 48(2) to be allowed on amount calculated u/s 48(1)(a) before giving deduction u/s 53 and 54
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