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2022 (4) TMI 677 - AT - Income TaxDisallowance of deduction u/s 54F - assessee has converted his capital asset into stockin- trade and accrued capital gains which he invested in construction of residential unit and claimed exemption under section 54F - As per AO assessee has failed to substantiate his claim with supporting evidence to prove that both the properties are same on which the construction of residential house was carried out. Also assessee has failed to prove that he does not have any other residential property - whether the assessee can claim deduction u/s 54F in more than one year when he invests sale considerations received from sale of different capital assets in construction of one residential unit over the years when all other conditions are satisfied? - HELD THAT:- Deduction under section 54F of the Act is available in respect of capital gains arising from sale of more than one long term capital assets, not being residential house, against the construction or purchase of one residential house. We note that jurisdictional Bench of ITAT, Ahmedabad [2018 (12) TMI 822 - ITAT AHMEDABAD] has held that deduction u/s 54F is allowable on identical facts. Thus, the deduction u/s 54F of the Act claimed by assessee is allowable and therefore, we do not find any infirmity in the order passed passed by ld CIT(A). That being so, we decline to interfere with the order of Id. CIT(A) in deleting the aforesaid additions. His order on this addition is, therefore, upheld and the grounds of appeal of the Revenue are dismissed.
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