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2018 (6) TMI 294 - AT - Income TaxAddition u/s. 68 - deduction u/s. 54F - addition of sale consideration u/s 45 - Held that:- Entire sale consideration has been offered as gross income and thereafter deduction u/s. 54F has been claimed. Taxing sale consideration once u/s. 45 and again u/s. 68 amounts to double taxation. Therefore, the addition u/s. 68 is not called for as such because it is a case where one asset gets replaced by another asset and not of cash credit. AO has not doubted the possession of shares by the assessee through the gift as stated by the assessee. AO has raised the issue of taxability of income u/s. 64 as evident from the impugned order. However, she has not concluded this issue. The assessee received shares through the gift from her husband as detailed in the assessment order; thus, the income derived from transfer of such shares has to be assessed in view of the provisions of section 64(1)(iv) and not 68, which the Ld. CIT(A) has done. Thus, there in the assessee’s case, the issues relating to the working of LTCG and deduction u/s. 54F loses relevance, therefore, Ld. CIT(A) refrained himself in deciding these issues. Accordingly, the addition u/s. 68 in the hands of the assessee was rightly deleted by the Ld. CIT(A). - Decided against revenue
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