The Words “In India” Cannot be Read Into Section 54F When Parliament in Its Legislative Wisdom Has Deliberately Not Used the Words: ITAT Bangalore

In the case of Rajasugumar Subramani vs ITO, ITAT Bangalore has held that:

Since the Tribunal has taken a view in similar set of facts, we find no justification to take a contrary view in this appeal. Accordingly, following the same, we hold that the assessee is entitled for deduction under section 54F of the Act. Therefore, we find no infirmity in the order of the CIT(A). We accordingly confirm the same.”

We are of the view that in the case of assessee the deduction claimed should be examined in the parameters of section 54F of the Act in the light of decision cited before us. The AO is directed to apply the ratio laid down in the aforesaid decision and allow the claim of deduction of assessee in accordance with the law, after affording assessee opportunity of being heard.

In the result, the appeal of assessee is treated as allowed for statistical purposes.

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