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TMI Blog2020 (2) TMI 1651X X X X Extracts X X X X X X X X Extracts X X X X ..... SHANT MAHARISHI, A. M. : This appeal is filed by the assessee against the order of the Commissioner of Income Tax (Appeals)-29, New Delhi, dated 30.09.2016 for assessment year 2013-14. The assessee has raised only two grounds of appeal as under which are related to the claim of deduction under Section 54 of the Income Tax Act, 1961 (the Act): "1. That in the facts and circumstances of the case ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e from house property, capital gain and income from other sources. She has declared capital gain on sale of flat at Mumbai of Rs.4,57,93,605/- and has also claimed a deduction of Rs.4,74,30,609/- under Section 54 of the Act. Thus, the consequent capital gain was Rs.NIL. The assessee was asked to justify claim under section 54 of the Act. Assessing Officer noted that assessee has sold 4 flats at "A ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... one residential house can be allowed as a deduction provided those are located in the same building or adjacent to each other. Accordingly he granted deduction of one flat of Rs.3,44,50,000/- as eligible under Section 54 of the Act and computed net capital gain of Rs.1,13,43,605/-. Assessment order under Section 143(3) of the Act was thus passed on 19.01.2016 determining total income of the assess ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . ITO (2019) 105 taxmann.com 151 (Madras). 3.1 The learned Departmental Representative vehemently relied upon the decision of lower authorities. 4. We have carefully considered the rival contentions and found that Hon'ble Madras High Court in Tilokchand & Sons Vs. ITO (supra) has held that the dislocation of newly purchased residential houses will not alter the position for interpretation of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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