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2023 (5) TMI 733 - AT - Income TaxExemption u/s 54F OR 54 - New claim - assessee submitted that the assessee was eligible for the benefit u/s 54 but due to a bonafide and inadvertent typographical mistake, the claim was made erroneously u/s 54F - HELD THAT:- As the claim made by the assessee u/s 54 was not a new claim. Accordingly, we hold that the conclusion arrived by learned CIT(A) and the AO that the assessee’s claim u/s 54 of IT Act is a new claim is, factually wrong in the specific facts and circumstances of the present appeal before us. Assessee had already made this claim in the return of income, although, in an inadvertent and bonafide typographical mistake, the section under which the benefit was claimed, was erroneously mentioned as 54F instead of section 54 which is the correct section. Issue in dispute in the present appeal before us is squarely covered in favour of the assessee by cases of Shrikar Hotels (P.) Ltd.[2017 (2) TMI 679 - ALLAHABAD HIGH COURT], Natraj Stationery Products (P.) Ltd. [2008 (11) TMI 48 - HIGH COURT DELHI], Malayala Manorama Co. Ltd. [2018 (8) TMI 198 - KERALA HIGH COURT], Armine Hamied [2022 (9) TMI 35 - ITAT MUMBAI] and Jai Kumar Gupta (HUF) [2019 (3) TMI 466 - ITAT MUMBAI] Thus we direct the Assessing Officer to compute benefit u/s 54 of IT Act on merits, having regard to applicable law and relevant facts and circumstances; and we order the Assessing Officer to allow assessee’s claim u/s 54 of IT Act accordingly. Appeal of the assessee stands allowed for statistical purposes.
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