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2018 (3) TMI 430 - AT - Income TaxTransfer of land whereas by virtue of executing the Joint Development Agreement (JDA) - capital gain computation - eligible transfer u/s 2(47) - pro-rata transfer of land - entitlement for deduction u/s 54F - Held that:- CIT(A) directed the Assessing Officer to re-compute the long term capital Gains on the amount actually received by the appellant in pursuance of the said agreement as relying on case of C.S. Atwal & Others [2015 (7) TMI 878 - PUNJAB & HARYANA HIGH COURT]. Thus we uphold the order of the Ld. CIT(A). Regarding the deduction under section 54F which has not been allowed by the Ld. CIT(A) we hereby direct the Assessing Officer to allow the due benefits to the assessee as provided under the Income Tax Act. Since the issue has been decided in the favour of the assessee, any decision on the grounds of reopening becomes academic in nature and hence needs no adjudication.
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