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2022 (8) TMI 1190 - AT - Income TaxDisallowance u/s 54F - A.O found from the return of income that the assessee was owner of more than one house property and hence as per provisions of section 54F, he was not liable to get such exemption - HELD THAT:- Before us, the assessee had filed a registered transfer deed wherein 50% of the share of the assessee in one flat has been transferred in favour of his wife. That apart, we find as per the observations in MR. AJIT THOMAS DIRECTOR A.V. THOMAS LEATHER & ALLIED [2016 (8) TMI 1545 - MADRAS HIGH COURT] the application of section 27 of the Act in this case is mis-placed so far as the department is concerned since it has been categorically observed in the aforestated judicial pronouncement that the deeming provisions are for the purpose of computation of income from house property and are applicable for provisions of sections 22 to 26 of the Act for computing annual value of the property. However, section 54F is an independent provision for granting exemption in respect of capital gain of transfer of certain capital asset. The assessee in this case satisfies the condition provided under the said provision. Therefore, placing reliance on the aforestated decision and the facts of this case we do not find any reason why the assessee should not be granted exemption u/s 54F of the Act. In view thereof, we set aside the order of the ld. CIT(A) and allow the appeal of the assessee.
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