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2019 (9) TMI 717 - ITAT PUNEDeduction u/s 54B - deduction neither been claimed by the assessee in the return of income nor has filed the revised return - case of assessee was picked up for scrutiny - CIT-A allowed the claim - HELD THAT:- No merit in the appeal filed by Revenue, wherein the matter has been decided by the CIT(A) observing that the assessee would be entitled to the aforesaid deduction under section 54B of the Act, in view of the dictate of the Hon’ble Bombay High Court in CIT Vs. Pruthvi Brokers & Shareholders [2012 (7) TMI 158 - BOMBAY HIGH COURT]. We find no error in the order of CIT(A) in this regard. CIT(A) was duty bound to allow the claim of assessee though not made in the return of income. It may be pointed herein itself that even the income from sale of agricultural land as either Long Term Capital Gains or Short Term Capital Gains, was never offered by assessee in its return of income. Assessing Officer computing income from capital gains in the hands of any assessee, then it is his duty not only to compute income under the respective heads but also to allow exemptions which are duly allowable to the assessee. CIT(A) had in all fairness directed the Assessing Officer to verify whether the assessee has fulfilled the conditions laid down in section 54B and had further observed that in case they are not so fulfilled, then no deduction under section 54B is to be allowed to the assessee. We find no error in the order of CIT(A) in this regard. - Decided against revenue.
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