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2018 (12) TMI 452 - AT - Income TaxAssessment u/s 153A - claim of deduction under section 54F denied - Reopening of assessment - proceedings earlier under section 143(3) r.w.s. 147 and 148 in favour of the assessee and were on the same issue proceedings under section 263 of the Act was initiated and dropped Held that:- AO in the case of the assessee ought not to have revisited and readjudicated the issue with respect to deduction under section 54F of the Act against which proceedings under section 263 of the Act was initiated especially when the learned Assessing Officer on the earlier occasion has already adjudicated the issue in the scrutiny assessment proceedings under section 143(3) read with sections 147 and 148 of the Act. Therefore we are of the considered view that the order of AO dated March 31, 2016 regarding adjudicating the issue of deduction under section 54F of the Act is erroneous. Hence we hereby direct the learned Assessing Officer to delete the addition made by disallowing the deduction under section 54F of the Act. Since we have adjudicated hereinabove the legal issue with respect to revisiting an issue in the subsequent proceedings under section 153A read with section 143(3) of the Act which was already adjudicated in the scrutiny assessment proceedings earlier under section 143(3) read with sections 147 and 148 of the Act in favour of the assessee and were on the same issue proceedings under section 263 of the Act was initiated and dropped, we restrain ourselves from adjudicating the issue with respect to deduction under section 54F of the Act on the merits - Decided in favour of assessee.
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