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2018 (5) TMI 1645 - AT - Income TaxEligibility to deduction u/s 54F - assessee was owning only one asset and the income of which was chargeable under the head "income from house property" - Held that:- AO has erred in denying the deduction in the section 54F of the Act. The restriction imposed by section 54F as mentioned above disentitling the claim of deduction u/s 54F not only requires that the assessee owns more than one residential house but it also requires that income from such residential house is chargeable to tax under the head income from house property. In the assessee’s case since the second condition of income of such residential house being chargeable to tax is not being met, the Assessing Officer was not justified in denying the assessee deduction u/s 54F of the I. T. Act, 1961. We have also perused the decision of the ITAT, Delhi ‘E’ Bench dated 04.08.2017 in the case of ACIT vs. Mohinder Kumar Jain reported (2017 (8) TMI 480 - ITAT DELHI) wherein similar and identical issue was dealt by the Tribunal in assessee’s favour.
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