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2020 (5) TMI 87 - AT - Income TaxReopening of assessment u/s 147 - claim of deduction u/s 54F disallowed on the ground that it was not raised in his return of income - HELD THAT:- In the original return of income, the assessee has not offered the capital gain to tax nor has he claimed deduction u/s 54F - assessment order, disallowing the claim of deduction u/s 54F is justified. Assessee had filed written submissions before the CIT(A) and had submitted before the Tribunal that he had all the relevant evidence to substantiate the claim u/s 54F. Since S.54F of the Act is a beneficial provision and the Hon’ble Courts have held that the beneficial provision should be construed liberally, deem it fit and proper to admit assessee’s claim of deduction u/s 54F of the Act and remand the issue to the file of the AO with a direction to consider the eligibility of the assessee for deduction u/s 54F and allow the same if the assessee satisfies the conditions. The assessee is directed to produce all the necessary evidence before the AO and cooperate with the AO for early completion of the assessment - Assessee’s appeal is partly allowed for statistical purposes.
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