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2020 (8) TMI 234 - AT - Income TaxDisallowance u/s 54F - action disallowing the impugned deduction claim for the sole reason that the assessee had not reinvested the impugned long term capital gains in his own name but in the name of his wife - HELD THAT:-CIT(A)’s detailed discussion in view of PRAKASH (BY LEGAL HEIR OF ASSESSEE) VERSUS ITO & CIT AND OTHERS [2008 (9) TMI 234 - BOMBAY HIGH COURT]. Mr. Singh vehemently argues that the assessee’s deduction claim has been rightly disallowed. Mr. Poddar quotes CIT vs. Kamal Wahal [2013 (1) TMI 401 - DELHI HIGH COURT]deciding the issue in assessee’s favour. Faced with this situation of non-jurisdictional high courts having different opinions on the issue and no guidance coming from hon’ble jurisdictional high court, we invoke hon’ble apex court judgment in CIT vs. Vegetable products Ltd [1973 (1) TMI 1 - SUPREME COURT] that the view in assessee’s favour has to be adopted. We order accordingly. Assessing Officer is directed to delete the impugned disallowance. Assessee’s appeal is allowed.
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