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2020 (10) TMI 1161 - HC - Income TaxDeductions u/s 54 - assessee has not completed the construction before 16.05.2014 - Tribunal held that the withdrawals made from the capital gains accounts of the assessee was not used towards construction of a residential house - submission of the appellant / assessee that the said aspect was also not properly appreciated by the Tribunal - HELD THAT:- AO has not given elaborate reasons as to why the assesseee was not entitled for deduction under Section 54 of the Act. It is the submission of the learned counsel that decision of the Division Bench of this Court in Commissioner of Income Tax V. Sardarmal Kothari [2008 (6) TMI 15 - MADRAS HIGH COURT] would come to the aid of the assessee. Order passed by the Tribunal this aspect has not been dealt with in a proper perspective, especially when CITA has given elaborate reasons as to why the assessee is entitled for deduction under Section 54 of the Act. We are inclined to interfere with the order passed by the Tribunal, at the same time, we propose to remand the matter to the assessing officer for fresh consideration since other issues have also been remanded to the assessing officer for re-adjudication. Appeal filed by the assessee is allowed and matter is restored to the file of the assessing officer to decide the claim of the assessee for deduction under Section 54.
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