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2021 (6) TMI 642 - HC - Income TaxDeduction u/s 54F - Denial of claim as capital asset transferred was not a long term capital asset in view of Section 2(29A) r.w.s.2(42A) - ITAT allowed deduction - Whether Tribunal erred in treating the asset held by assessee for less than four months as long term capital asset as against stipulation in Sec.2(29A) r.w.s 2(42A) is holding for more than 36 months? - whether Expl.1(b) below sec.2(42A) is applicable and the period of holding of the asset by the previous owner also needs to be considered even though assessee did not receive the asset through gift or will as mentioned in sec.49(i)(ii) but by settlement deed? - HELD THAT:- As decided in The Principal Commissioner of Income Tax, Chennai – 34 Vs. Smt.Deepa Vijay [2021 (1) TMI 787 - MADRAS HIGH COURT] wherein had done an elaborate factual exercise, gone through the covenants and conditions contained in the said document dated 19.12.2010 and held that the said document was only a deed of gift because it was voluntary as there was no consideration passed on and the donee accepted the gift unconditionally. The correctness of the factual finding was tested by the Tribunal, which had also gone through the issue in detail, taken note of the decision of the same Tribunal in the case of other owners namely Shri T.T.Siddharth and Smt.Maya Varadarajan [2016 (5) TMI 1549 - ITAT CHENNAI] and dismissed the appeal filed by the Revenue in this regard. On going through the orders passed by both the CIT(A) as well as the Tribunal, we find that the entire issue deeply revolves around the factual matrix, which, in our considered view, has been thoroughly examined by the CIT(A) and the Tribunal and we also find that no question of law much less substantial question of law arises for consideration in this appeal. - Decided against revenue.
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