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2019 (12) TMI 373 - AT - Income TaxDeduction u/s 54/54F disallowed - AO considered the 1/3rd of presumed cost of construction as capital gains and added the same in the income of the assessee - AO has mentioned that the assessee has sold the second floor of the property. Finally, he submitted that the assessee in lieu of the sale consideration of the first floor of the property, got the ground floor and the second floor of the property constructed from the builder which is only one unit and as such the assessee is entitled to exemption of capital gains in full and not proportionately - HELD THAT:- Exactly similar issue has already been adjudicated and decided in favour of the assessee by the Hon’ble Delhi High Court in the case of Commissioner of Income Tax vs. Geeta Duggal [2013 (3) TMI 101 - DELHI HIGH COURT] where it was held that unable to see how or why the physical structuring of the new residential house,whether it is lateral or vertical, should come in the way of considering the building as a residential house. The residential house consists of several independent units can be permitted to act as an impediment to the allowance of the deduction under Section 54/54F. The addition in dispute is deleted - appeal of the assessee allowed.
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