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2017 (6) TMI 5 - AT - Income TaxDeduction u/s 54 on account of investment made in new residential house - amount paid/invested upto the due date of filing of return u/s 139(1) - Held that:- It is the settled proposition of law that when there are two views on a particular issue and there is no decision of the Jurisdictional High Court on that issue, then the decision which is in favour of the assessee should be adopted. Since the assessee in the instant case has made payment of ₹ 1,35,16,645/- before the due date of filing of return u/s 139(4) of the Act, therefore, we are of the considered opinion that the assessee is entitled to deduction u/s 54 of the Act to the extent of ₹ 1,35,16,645/-. Payment of the above amount is not doubted. Therefore, it is immaterial as to from where the assessee has obtained the money and paid the amount. In this view of the matter, we hold that the assessee is entitled to deduction u/s 54 of the Act of ₹ 1,35,16,645/- as against ₹ 81,72,207/- allowed by the A.O. - Decided partly in favour of assessee.
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