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2022 (3) TMI 1348 - AT - Income TaxDenial of exemption u/s.54 - purchasing a new house in the name of the assessee’s son - whether exemption u/s.54 can be allowed when the new property purchased by the assessee in the name of someone else other than self? - Diversified decisions - HELD THAT:- When discordant views are rendered by different High Courts, an inferior authority under one of such High Courts, is bound to follow its jurisdictional High Court notwithstanding that the other view of the non-jurisdictional High Court may sound more appealing on individual level vis-a-vis the view of the jurisdictional High Court. The principle of following a view in favour of the assessee when contrary views are available, applies to the authorities acting under a neutral High Court, namely, which has not expressed any opinion – for or against - on that point. Once the jurisdictional High Court decides a particular issue in a particular manner, that manner has to be mandatorily followed by all the authorities acting under it so long as it holds the field and is not deactivated by the Hon’ble Supreme Court - we bound to follow the view taken by the Hon’ble jurisdictional High Court. The ld. AR failed to draw my attention towards any other subsequent decision rendered by the Hon’ble Bombay High Court in favour of the assessee on this issue. Therefore, hold that the authorities below were justified in denying the benefit of exemption u/s 54. - Decided against assessee.
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