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2020 (12) TMI 822 - AT - Income TaxDeduction u/s 54F - assessee has executed Joint Development Agreement with the builder - contention of the ld.AR is that since the assessee got allotted flats and it should be considered as investment in terms of 54F of the Act and it is to be granted - HELD THAT:- In principle, we are in agreement with the contention of the learned Authorised Representative that the assessee is entitled for exemption u/s. 54F of the Act and all flats situated in single building to be considered as one residential house and deduction u/s. 54F is to be granted. This issue was considered by this Tribunal in the case of Chandrashekar Veerabhadraiah [2020 (12) TMI 348 - ITAT BANGALORE ]. In principle, the assessee is entitled for deduction u/s.54F of the Act in respect of investment made in multiple flats subject to production of relevant evidence by the a. before the Assessing Officer. Accordingly, the assessee shall furnish all the evidence in support of the claim of deduction u/s. 54F of the Act. The Assessing Officer has to satisfy himself the fulflment of other conditions laid down in Section 54F of the Act for granting the deduction u/s. 54F of the Act and ordered accordingly.
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