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2018 (6) TMI 282 - AT - Income TaxDenial of deduction claimed u/s. 54/54F - AO rejected assessee’s claims on the ground that the assessee has made a new claim of exemption u/s 54F without filing revised return - Held that:- Hon’ble Supreme Court in GOETZE (INDIA) LIMITED VERSUS COMMISSIONER OF INCOME-TAX [2006 (3) TMI 75 - SUPREME COURT] clearly stated that the power of AO is restricted to admit a new claim only if such claim is made by filing revised return of income. However, in the same decision, the Court further reiterated that the findings of the Court in any way does not impinge the powers of the appellate authorities to admit new claim if necessary facts regarding such claim is already available before the AO. In this case, admittedly, all necessary facts required for deduction u/s 54F are already available before the AO as the assessee has made a claim u/s 54 - since the provisions of section 54 / 54F are beneficial provisions, which need to be construed liberally so as to allow the benefit, if other conditions specified in the said sections are fulfilled. Hence, we are of the considered view that the AO was erred in not allowing assessee’s claim of deduction u/s 54F. Hence, we set aside the issue to the file of the AO and direct him to admit assessee’s alternate claim of deduction u/s 54F and allow such claim if assessee has fulfilled all conditions specified therein. - Appeal filed by the assessee is allowed, for statistical purpose.
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