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2022 (12) TMI 1343 - AT - Income TaxDeduction u/s 54 - deemed investment in the proposed flat - HELD THAT:- Upon perusal of above assessment orders, it could thus be seen that Ld. AO has accepted the declared sale consideration in case of Smt. Mini Pillai whereas it has rejected the sale consideration in the case of Smt. Sharda Menon. Both the assessment, prima-facie, has attained finality. Therefore, considering the same, the adoption of value of Rs.182.76 Lacs in the case of assessee before us stand confirmed. The corresponding grounds thus raised stand dismissed. Having said so, the present assessee would logically be eligible to claim deduction u/s 54 for deemed investment in the proposed flat to the extent of Rs.107.76 Lacs as similar deduction has been granted to both the other co-owners also. Regarding the revenue’s plea that deduction u/s 54 was not to be granted for more than one property, we find that the ratio of decision of CIT V/s Gumanmal Jain [2017 (3) TMI 394 - MADRAS HIGH COURT] would apply. This decision considers catena of judicial decisions as well as amendment made by Finance Act, 2014 and finally held that the assessee would be eligible to claim deduction for more than one property. Following the same, Ld. AO is directed to adopt sale consideration and grant additional deduction u/s 54- We order so. The corresponding ground stand allowed.
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