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2017 (10) TMI 1150 - AT - Income TaxCapital gain computation - Held that:- Indexed cost of acquisition should be at ₹ 25,82,368/- and accordingly, the long term capital gain has to be computed accordingly. It is directed to the Assessing Officer to act upon accordingly. Claim of deduction u/s 54 - Held that:-Correct income has to be computed and correct income has to be given under the Income tax Act is the scheme of the Act and spirit of law and in this regard, the assessee having purchased a property in Kundli for which necessary papers were adduced before the ld. CIT(A) and also before us, which could not be controverted by the ld. DR and, therefore, in all fairness, and in the facts and circumstances of the case, the Assessing Officer is directed to allow the exemption u/s 54 of the Act as claimed before the ld. CIT(A) and accordingly, the addition so made is directed to be deleted. Grounds raised by the assessee are allowed.
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