TMI Blog2013 (11) TMI 1550X X X X Extracts X X X X X X X X Extracts X X X X ..... exemption under both section 54B & 54F of IT Act and they are not mutually exclusive and independent of each other. Similar view was taken by various judicial forums including that of coordinate bench, Hyderabad in the case Sri Venkata Raman Uma Reddy Vs. DCIT [2013 (1) TMI 744 - ITAT HYDERABAD] - Decided in favour of assessee. - ITA No. 1192/Hyd/2013 - - - Dated:- 29-11-2013 - SHRI B. RAMAKOT ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Account Scheme and claimed exemption u/s 54B and 54F. The AO was of the view that these claims are mutually exclusive and allowed only exemption u/s 54F at ₹ 3.07 crores and made the addition of ₹ 26,27,480/-. 3. The learned CIT(A) after considering the contentions held that the provisions of sections 54B 54F are not mutually exclusive and Assessee is entitled for exemption. The d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . The argument of the AO that the provisions of section 54B and 54F are mutually exclusive has been examined in the light of the various judicial decisions. It is noted that the exemption provisions ujs.54 have not expressly stated that either of the sections can be availed by the assessees. And all the decisions cited above indicate that the judicial authorities have accepted in principle that th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ed CIT(A) as it was rightly held that Assessee is entitled to exemption under both section 54B 54F of IT Act and they are not mutually exclusive and independent of each other. Similar view was taken by various judicial forums including that of coordinate bench, Hyderabad in the case Sri Venkata Raman Uma Reddy Vs. DCIT [2013] 32 Taxmann 157 (Hyd.) In view of the above, we do not see any merit in ..... X X X X Extracts X X X X X X X X Extracts X X X X
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