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2022 (3) TMI 889 - AT - Income TaxDeduction u/s 54F - AO disallowed related to investment in new property through borrowed fund - HELD THAT:- CIT(A) in his order mentioned the assessee’s wife is repaying the loan which was borrowed for investment in property for getting the deduction u/s 54F of the Act. This issue was not adjudicated properly by any of the revenue authorities - verification is required in this issue. The matter is returned back to the AO for further verification related to payment of borrowed fund. Related to cost of improvement amount to ₹ 8,00,000/-, Ld. Counsel submitted details of payment related cost of improvement. The verification of payment is not possible in this stage. So, the matter is returned back to the Ld. AO for further verification. Related payments of registration charges and stamp duty for amount was agitated before the bench for first time through additional grounds. The assessee claimed benefit u/s 54F related payment of registration charges and stamp duty value. The proper verification is required for this assessee’s claim. AO is directed to allow benefit of the assessee u/s 54F after proper verification related those payments. Appeal filed by the assessee is allowed for statistical purposes.
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