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2015 (12) TMI 133 - AT - Income TaxDeductions claimed u/s 54B and 54F denied treating capital gain as short-term capital gain (STCG) - CIT(A) confirmed the action of the AO by treating the capital gain arising from the transfer of the property as STCG as well as the entire income was assessed in the hands of the assessee-HUF - Held that:- The documents filed by the assessee, being additional evidence, are very much relevant and crucial for adjudicating the matter of assessment of capital gain in the hands of the assessee. In view of the above facts and circumstances of the case as well as the observations made in the foregoing paragraph we are of the considered opinion that the issue of computation of capital gains as well as the deduction u/s 54B and 54F is required to be reconsidered along with the case of Smt.Kaveramma. Accordingly, the matter is set aside to the record of the AO for de novo consideration of the matter in the light of the fact as discussed above and the additional evidence filed by the assessee - Decided in favour of assessee for statistical purposes.
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