NILUFER SAYED, MUMBAI V. ITO - 21(1)(3), MUMBAI

ITA 3474/MUM/2019

• Counselvise Citation: [2021] 109 COUNSELVISE.COM (IT) 7274 (ITAT-MUMBAI)
• Duration Of Justice: 1 year(s) 8 month(s) 3 day(s)
• Appeal Type: Income Tax Appeal
• Pronouncement Date: 25-01-2021
• Appeal Filed By: Assessee
• Order Result: Allowed
• Bench Allotted: B
• Assessment Year: 2011-2012
• Appeal Filed On: 22-05-2019
• Result in Favour of: Assessee
• Court: TRIBUNAL
• Department Lawyers: THARIAN OOMMEN LD
• Assessee Lawyers: STANY SALDANHALD
• Keywords: Capital asset; Question of law; Capital Gains
• Section: 143(3); 13(2); 13; 54

Judgement Text

ITA NO.3474/MUM/2019 NILUFER SAYED ASSESSMENT YEAR: 2011-12 1 IN THE INCOME TAX APPELLATE TRIBUNAL B BENCH, MUMBAI , , BEFORE HONBLE SHRI MAHAVIR SINGH, VP AND HONBLE SHRI MANOJ KUMAR AGGARWAL, AM (HEARING THROUGH VIDEO CONFERENCING MODE) ./ I.T.A. NO.3474/MUM/2019 ( / ASSESSMENT YEAR: 2011-12) NILUFER SAYED A-601, LEELA SAGAR YARI ROAD, VERSOVA ANDHERI WEST, MUMBAI-400 061. / VS. INCOME TAX OFFICER - 25 (3)(5) MUMBAI. '# ./ ./PAN/GIR NO. CGTPS-8161-H ( #% /APPELLANT ) : ( &'#% / RESPONDENT ) ASSESSEE BY : SHRI STANY SALDANHA-LD. AR REVENUE BY : SHRI THARIAN OOMMEN- LD. DR / DATE OF HEARING : 19/01/2021 / DATE OF PRONOUNCEMENT : 25/01/2021 / O R D E R MANOJ KUMAR AGGARWAL (ACCOUNTANT MEMBER) 1. AFORESAID APPEAL BY ASSESSEE FOR ASSESSMENT YEAR (AY) 2011-12 CONTESTS THE ORDER OF LD. COMMISSIONER OF I NCOME TAX (APPEALS)-39, MUMBAI [CIT(A)], APPEAL NO.CIT(A)-39/ IT-58/IT 21(1)(3)/14-15 DATED 02/05/2017 ON FOLLOWING GROUN DS OF APPEAL :- 1) UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) ERRED IN UPHOL DING VIEW OF THE THEN ASSESSING OFFICER IN RESTRICTING THE EXEMPTION OF R EINVESTMENT OF CAPITAL GAIN TO ONE RESIDENTIAL HOUSE PROPERTY BY TAKING VIEW OF PHRASE 'A RESIDENTIAL PROPERTY' IN SECTION 54(1) OF INCOME TAX ACT, 1961 AS ONLY ONE H OUSE PROPERTY IGNORING THE EXPLANATIONS AND SUBMISSIONS MADE BEFORE HIM. ITA NO.3474/MUM/2019 NILUFER SAYED ASSESSMENT YEAR: 2011-12 2 2) UNDER THE FACTS AND CIRCUMSTANCES OF THE CASE AND IN LAW, THE LEARNED COMMISSIONER OF INCOME TAX (APPEALS) ERRED IN UPHOL DING VIEW OF THE THEN ASSESSING OFFICER IN DISALLOWING THE PART EXEMPTION OF RS.60,85,931/- OUT OF TOTAL EXEMPTION OF RS.1,50,14,111/- CLAIMED BY ASSESSEE U /S 54 OF THE ACT ON HIS OWN NOTIONS, SURMISES AND CONJUNCTURES, IGNORING THE EX PLANATIONS AND SUBMISSIONS MADE BEFORE HIM. 2. WE HAVE CAREFULLY HEARD THE RIVAL SUBMISSIONS AN D PERUSED RELEVANT MATERIAL ON RECORD. OUR ADJUDICATION TO TH E SUBJECT MATTER OF APPEAL WOULD BE AS GIVEN IN SUCCEEDING PARAGRAPH S. 3. THE MATERIAL FACTS ARE THAT AN ASSESSMENT WAS FR AMED AGAINST THE ASSESSEE FOR THE YEAR UNDER CONSIDERATI ON U/S. 143(3) ON 05/02/2014. IT TRANSPIRED THAT THE ASSESSEE SOLD ONE RESIDENTIAL PROPERTY SITUATED AT ASHA DEEP BUILDING JVPD AND CLAIMED EXEMPTION U/S 54 BY MAKING INVESTMENT IN TWO SEPARA TE RESIDENTIAL PROPERTIES VIZ. (I) FLAT IN A-WING, 6 TH FLOOR, LEELA SAGAR, YARI ROAD, VERSOVA, ANDHERI (W), MUMBAI FOR RS.89.28 LACS; (II ) FLAT NO.304, A-WING, 3 RD FLOOR, TWIN STAR CHS SITUATED AT SRISHTI COMPLEX, SAKI VIHAR ROAD, OPP. L&T GATE, POWAI, MUMBAI FOR RS.70. 44 LACS. AFTER CONSIDERING FACTUAL MATRIX, LD. AO OPINED THA T THE DEDUCTION WOULD BE AVAILABLE TO THE EXTENT OF INVESTMENT MADE IN ONE FLAT ONLY SINCE THE FLATS WERE LOCATED TOTALLY AT TWO DIFFERE NT LOCATIONS. RELIANCE WAS PLACED ON THE DECISION OF MUMBAI TRIBU NAL (SB) IN SUSHILA M.JHAVERI (2007 107 ITD 327) WHILE TAKING THE SAID VIEW. ACCORDINGLY, THE DEDUCTION U/S 54 WAS RESTRICTED IN THE AFORESAID MANNER. THE STAND OF LD. AO, UPON CONFIRMATION BY L D. CIT(A), IS UNDER CHALLENGE BEFORE US. OUR ADJUDICATION 4.1 WE FIND THAT THE PROVISIONS OF SEC. 54 OF THE INCOME TAX ACT, 1961 AS IT STOOD DURING AY 2011-12, PROVIDES FOR A DEDUCTION ITA NO.3474/MUM/2019 NILUFER SAYED ASSESSMENT YEAR: 2011-12 3 AGAINST CERTAIN LONG-TERM CAPITAL GAINS EARNED BY A N INDIVIDUAL ASSESSEE ON ACCOUNT OF INVESTMENT MADE BY WAY OF PU RCHASE / CONSTRUCTION OF A RESIDENTIAL HOUSE PROPERTY WITH IN SPECIFIED TIME PERIOD. THE FINANCE ACT, 2014 SUBSTITUTED THE EXPRE SSION A RESIDENTIAL HOUSE PROPERTY WITH THE WORDS ONE RES IDENTIAL HOUSE WITH EFFECT FROM 01/04/2015. THE RATIONALE OF THE A MENDMENT, AS EXPLAINED IN CLAUSE 20.3 OF THE EXPLANATORY NOTES T O THE FINANCE BILL WAS AS FOLLOWS: - 20.3. CERTAIN COURTS HAD INTERPRETED THAT THE EXEMP TION IS ALSO AVAILABLE IF INVESTMENT IS MADE IN MORE THAN ONE RE SIDENTIAL HOUSE. THE BENEFIT WAS INTENDED FOR INVESTMENT IN ONE RESIDENT IAL HOUSE WITHIN INDIA. ACCORDINGLY, SUB-SECTION (1) OF SECTION 54 OF THE I NCOME-TAX ACT HAS BEEN AMENDED TO PROVIDE THAT THE ROLLOVER RELIEF UNDER T HE SAID SECTION IS AVAILABLE IF THE INVESTMENT IS MADE IN ONE RESIDENT IAL HOUSE SITUATED IN INDIA. THE FINANCE ACT, 2019 HAS FURTHER AMENDED THE SAID PROVISION WITH EFFECT FROM 01/04/2020 TO PROVIDE THAT IN CASE OF C APITAL GAIN NOT EXCEEDING RS.2 CRORES, DEDUCTION SHALL BE AVAILABLE EVEN AGAINST INVESTMENT IN TWO RESIDENTIAL HOUSES IN INDIA. 4.2 INTERPRETING THE PROVISIONS OF SECTION 54, HON BLE MADRAS HIGH COURT IN RECENT DECISION TITLED AS TILOKCHAND & SONS V/S ITO [105 TAXMANN.COM 151 14/03/2019], APPLYING THE DECISIONS OF HONBLE KARNATAKA HIGH COURT IN CIT V/S D. ANANDA BASAPPA [309 ITR 329] & CIT V/S KHOOBCHAND M. MAKHIJA [43 TAXMANN.COM 143 18/12/2013] HELD THAT IF THE WORD 'A' AS EMPLOYED UNDER SECTION 54 PRIOR TO ITS AMENDMENT AN D SUBSTITUTION BY THE WORDS 'ONE' WITH EFFECT FROM 01/04/2015 COUL D NOT INCLUDE PLURAL UNITS OF RESIDENTIAL HOUSES THEN THERE WAS N O NEED TO AMEND THE SAID PROVISIONS BY FINANCE ACT NO.2 OF 2014 WHI CH THE LEGISLATURE SPECIFICALLY MADE IT CLEAR TO OPERATE O NLY PROSPECTIVELY ITA NO.3474/MUM/2019 NILUFER SAYED ASSESSMENT YEAR: 2011-12 4 FROM AY 2015-16. ONCE IT IS HELD THAT THE WORD 'A' EMPLOYED CAN INCLUDE PLURAL RESIDENTIAL HOUSES ALSO WITHIN THE M EANING OF SECTION 54 PRIOR TO ITS AMENDMENT, THEN SUCH INTERPRETATION WILL NOT CHANGE MERELY BECAUSE THE PURCHASE OF NEW ASSETS IN THE FO RM OF RESIDENTIAL HOUSES IS AT DIFFERENT ADDRESSES. SO LO NG AS THE SAME ASSESSEE PURCHASED ONE OR MORE RESIDENTIAL HOUSES O UT OF THE SALE CONSIDERATION FOR WHICH THE CAPITAL GAIN TAX LIABIL ITY IS IN QUESTION, IN ITS OWN NAME, THE SAME ASSESSEE SHOULD BE HELD ENTI TLED TO THE BENEFIT OF DEDUCTION U/S 54 OF THE ACT, SUBJECT TO THE PURCHASE OR CONSTRUCTION BEING WITHIN THE STIPULATED TIME LIMIT IN RESPECT OF THE PLURAL NUMBER OF RESIDENTIAL HOUSES ALSO. IT WAS AL SO HELD THAT THE AMENDMENT MADE BY THE FINANCE ACT, 2014 WAS INTENDE D TO BE SPECIFICALLY APPLIED ONLY PROSPECTIVELY WITH EFFECT FROM AY 2015-16 SINCE IT TOOK NOTE OF THE JUDICIAL PRECEDENTS FOR P ERIOD PRIOR TO 01/04/2015. AT THE SAME TIME THE DECISION OF HONBL E PUNJAB & HARYANA HIGH COURT IN PAWAN ARYA V/S CIT [11 TAXMANN.COM 312] WAS DISTINGUISHED SINCE NO OPINION, IN DETAIL, WAS EXPRESSED IN THE JUDGMENT. 4.3 THE HONBLE KARNATAKA HIGH COURT IN KHOOBCHAND M. MAKHIJA [43 TAXMANN.COM 143] CONSIDERING THE DECISION OF SAME COURT IN CIT V/S SMT. K.G.RUKMINIAMMA [331 ITR 211] INTERPRETED THE TERM A IN THE CONTEXT OF SECTION 13 OF THE GENERAL CLAUSES ACT, 1897 IN THE FOLLOWING MANNER: - 9. THE WORD 'A' IS NOT DEFINED IN THE ACT. WHEN A WOR D IS NOT DEFINED IN THE ACT ITSELF, IT IS PERMISSIBLE TO REFER TO DICTIONARIES TO FIND OUT THE GENERAL SENSE IN WHICH THAT WORD IS UNDERSTOOD IN COMMON PARLANCE. H OWEVER, IN SELECTING ONE OUT OF THE VARIOUS MEANINGS OF A WORD, REGARD M UST ALWAYS BE HAD TO THE CONTEXT AS IT IS A FUNDAMENTAL RULE THAT THE MEANIN GS OF WORDS AND EXPRESSIONS USED IN AN ACT MUST TAKE THEIR COLOUR F ROM THE CONTEXT IN WHICH THEY APPEAR. THEREFORE, WHEN THE CONTEXT MAKES THE MEANING OF A WORD QUITE ITA NO.3474/MUM/2019 NILUFER SAYED ASSESSMENT YEAR: 2011-12 5 CLEAR, IT BECOMES UNNECESSARY TO SEARCH FOR AND SEL ECT A PARTICULAR MEANING OUT OF THE DIVERSE MEANINGS A WORD IS CAPABLE OF, A CCORDING TO LEXICOGRAPHERS. DICTIONARIES ARE NOT DICTATORS OF S TATUTORY CONSTRUCTION WHERE THE BENIGNANT MOOD OF A LAW, AND MORE EMPHATICALLY, THE DEFINITION CLAUSE FURNISHES A DIFFERENT DENOTATION. A STATUTE CANNOT ALWAYS BE CONSTRUED WITH THE DICTIONARY IN ONE HAND AND THE STATUTE IN THE O THER. REGARD MUST ALSO BE HAD TO THE SCHEME, CONTEXT AND TO THE LEGISLATIVE H ISTORY. WORDS AND EXPRESSIONS AT TIMES HAVE A 'TECHNICAL' OR A 'LEGAL MEANING' AND IN THAT CASE THEY ARE UNDERSTOOD IN THAT SENSE. JUDICIAL DECISIO NS EXPOUNDING THE MEANING OF WORDS IN CONSTRUING STATUTES IN PARI MAT ERIA WILL HAVE MORE WEIGHT THAN THE MEANING FURNISHED BY DICTIONARIES. (PRINCI PLES OF STATUTORY INTERPRETATION BY JUSTICE G.P.SINGH PAGES 279 AND 280). IT IS IN THIS BACKGROUND, IT IS NECESSARY TO UNDERSTAND THE MEANI NG OF THE WORD 'A' IN THE CONTEXT IN WHICH IT IS USED IN THE SAID SECTION. 10. THE WORDS 'A' OR 'AN' AND 'THE' ARE CALLED ARTICLE S. THEY COME BEFORE NOUNS. THERE ARE TWO ARTICLES A (OR AN) AND THE ' A' OR 'AN' IS CALLED THE INDEFINITE ARTICLE, BECAUSE IT USUALLY LEAVES INDEF INITE THE PERSON OR THING SPOKEN OF. 'THE' IS CALLED THE DEFINITE ARTICLE, BE CAUSE IT NORMALLY POINTS OUT SOME PARTICULAR PERSON OR THING. THE INDEFINITE ART ICLE IS USED BEFORE SINGULAR COUNTABLE NOUNS. THE DEFINITE ARTICLE IS USED BEFOR E SINGULAR COUNTABLE NOUNS, PLURAL COUNTABLE NOUNS AND UNCOUNTABLE NOUNS. THE I NDEFINITE ARTICLE IS USED IN TWO CONTEXTS, FIRSTLY, IN ITS ORIGINAL NUMERICAL SENSE OF ONE. SECONDLY, IN THE VAGUE SENSE OF A CERTAIN. IT IS ALSO USED IN THE SE NSE OF ANY, TO SINGLE OUT AN INDIVIDUAL AS THE REPRESENTATIVE OF A CLASS. IT IS ALSO USED TO MAKE A COMMON NOUN OF A PROPER NOUN. 11. IN THE STROUDS JUDICIAL DICTIONARY OF WORDS AND PH RASES DEALING WITH THIS LETTER 'A', IT IS SAID 'A' IS SOMETIMES READ AS 'TH E' 'A' MAY SOMETIMES BE READ AS 'SOME'. BUT, MORE FREQUENTLY 'A' IS THE EQUIVALENT OF 'ANY'. HOWEVER, IT IS DIFFICULT TO READ 'A' AS 'ALL'. 12. IN THE CONCISE OXFORD DICTIONARY OF CURRENT ENGLIS H, DEALING WITH THE LETTER 'A' IS STATED THAT, 'A' SOMETIMES CALLED INDEFINITE ARTICLE, USED WITH APPARENT PLURALS OF NUMBER. 13. SECTION 13 OF THE GENERAL CLAUSES ACT, 1897 DEALS WITH GENDER AND NUMBER. IT READS AS UNDER: - '13. GENDER AND NUMBER . IN ALL CENTRAL ACTS AND REGULATIONS, UNLESS THE RE IS ANYTHING REPUGNANT IN THE SUBJECT OR CONTEXT. (I) WORDS IMPORTING THE MASCULINE GENDER SHALL BE T AKEN TO INCLUDE FEMALES; AND (II) WORDS IN THE SINGULAR SHALL INCLUDE THE PLURAL , AND VICE VERSA.' 14. THIS COURT IN THE CASE OF CIT V. SMT. K.G. RUKMINIAMMA [2011] 331 ITR 211/196 TAXMAN 87/[2010] 8 TAXMANN.COM 121 (KAR.), HAD AN OCCASION TO CONSIDER SECTION 54 OF THE ACT AND HAD HELD AS UNDE R: 'FOR A PROPER APPRECIATION OF THE AFORESAID CONTENT ION, IT IS NECESSARY TO HAVE A CAREFUL LOOK AT SECTION 54 OF THE INCOME TAX ACT, WHICH READS AS UNDER: '54. PROFIT ON SALE OF PROPERTY USED FOR RESIDENCE (1) SUBJECT TO THE PROVISIONS OF SUB-SECTION (2), WHERE, IN THE CASE O F AN ASSESSES BEING AN INDIVIDUAL OR A HINDU UNDIVIDED FAMILY, THE CAPITAL GAIN ARISES FROM THE TRANSFER OF A LONG-TERM CAPITAL ASSET, BEING BUILDINGS OR LA NDS APPURTENANT THERETO, AND BEING A RESIDENTIAL HOUSE, THE INCOME OF WINCH IS C HARGEABLE UNDER THE HEAD ITA NO.3474/MUM/2019 NILUFER SAYED ASSESSMENT YEAR: 2011-12 6 'INCOME FROM HOUSE PROPERTY' (HEREAFTER IN THIS SEC TION REFERRED TO AS THE ORIGINAL ASSET), AND THE ASSESSES HAS WITHIN A PERI OD OF ONE YEAR BEFORE OR TWO YEARS AFTER THE DATE ON WHICH THE TRANSFER TOOK PLACE PURCHASED, OR HAS WITHIN A PERIOD OF THREE YEARS AFTER THAT DATE CONS TRUCTED, A RESIDENTIAL HOUSE, THEN, INSTEAD OF THE CAPITAL GAIN BEING CHARGED TO INCOME-TAX AS INCOME OF THE PREVIOUS YEAR IN WHICH THE TRANSFER TOOK PLACE, IT SHALL BE DEALT WITH IN ACCORDANCE WITH THE FOLLOWING PROVISIONS OF THIS SE CTION, THAT IS TO SAY, - .. .' 9. A READING OF THE AFORESAID PROVISION MAKES IT VE RY CLEAR THAT THE PROPERTY SOLD IS REFERRED TO AS ORIGINAL ASSET IN THE SECTIO N. THAT ORIGINAL ASSET IS DESCRIBED AS BUILDINGS OR LANDS APPURTENANT THERETO AND BEING A RESIDENTIAL HOUSE. THEREFORE, IT IS NOT MERE 'A RESIDENTIAL HOU SE'. THE RESIDENTIAL HOUSE MAY INCLUDE BUILDINGS OR LANDS APPURTENANT THERE TO . THE STRESS IS ON THE USE TO WHICH THE PROPERTY IS PUT TO. ONLY WHEN THAT ASS ET WAS USED AS A RESIDENTIAL HOUSE, WHICH MAY CONSIST OF BUILDINGS O R LANDS APPURTENANT THERETO, THE INCOME DERIVED FROM THE SALE OF SUCH A RESIDENTIAL HOUSE IS CHARGEABLE UNDER THE HEAD 'INCOME FROM HOUSE PROPER TY.' IF THE ASSESSEE HAS WITHIN A PERIOD OF ONE YEAR BEFORE OR TWO YEARS AFTER THE DATE ON WHICH THE TRANSFER TOOK PLACE PURCHASED, OR HAS WITHIN A PERIOD OF THREE YEARS AFTER THAT DATE CONSTRUCTED A RESIDENTIAL HOUSE, THEN, IN STEAD OF THE CAPITAL GAIN BEING CHARGED TO INCOME-TAX AS INCOME OF THE PREVIO US YEAR IN WHICH THE TRANSFER TOOK PLACE, IT SHALL BE DEALT WITH IN ACCO RDANCE WITH THE AFORESAID PROVISIONS. IN THIS PART OF THE SECTION ALSO, THE W ORDS 'A RESIDENTIAL HOUSE' IS AGAIN USED. THE SAID RESIDENTIAL HOUSE NECESSARILY HAS TO INCLUDE BUILDINGS OR LANDS APPURTENANT THERETO. IT CANNOT BE CONSTRUED A S ONE RESIDENTIAL HOUSE. IN THIS CONTEXT, IT IS USEFUL TO REFER- TO SECTION 13 OF THE GENERAL CLAUSES ACT, 1897, WHICH READS AS UNDER: '13. GENDER AND NUMBER. - IN ALL CENTRAL ACTS AND REGULATIONS, UNLESS THER E IS ANYTHING REPUGNANT IN THE SUBJECT OR CONTEXT (I) WORDS IMPORTING THE MASCULINE GENDER SHALL BE T AKEN TO INCLUDE FEMALES; AND (II) WORDS IN THE SINGULAR SHALL INCLUDE THE PLURAL , AND VICE VERSA.' THE CONTEXT IN WHICH THE EXPRESSION 'A RESIDENTIAL HOUSE' IS USED IN SECTION 54 MAKES IT CLEAR THAT, IT WAS NOT THE INTENTION OF THE LEGISLATION TO CONVEY THE MEANING THAT IT REFERS TO A SINGLE RESIDENTIAL HOUS E. IF THAT WAS THE INTENTION, THEY WOULD HAVE USED THE WORD 'ONE.' AS IN THE EARL IER PART, THE WORDS USED ARE BUILDINGS OR LANDS WHICH ARE PLURAL IN NUMBER A ND THAT IS REFERRED TO AS A RESIDENTIAL HOUSE', THE ORIGINAL ASSET. AN ASSET NE WLY ACQUIRED AFTER THE SALE OF THE ORIGINAL ASSET ALSO CAN BE BUILDINGS OR LAND S APPURTENANT THERETO, WHICH ALSO SHOULD BE 'A RESIDENTIAL HOUSE.' THEREFORE THE LETTER 'A' IN THE CONTEXT IT IS USED SHOULD NOT BE CONSTRUED AS MEANING 'SINGULA R.' BUT, BEING AN INDEFINITE ARTICLE, THE SAID EXPRESSION SHOULD BE R EAD IN CONSONANCE WITH THE OTHER WORDS 'BUILDINGS AND LANDS' AND, THEREFORE, T HE SINGULAR 'A RESIDENTIAL HOUSE' ALSO PERMITS USE OF PLURAL BY VIRTUE OF SECT ION 13(2) OF THE GENERAL CLAUSES ACT. THIS IS THE VIEW WHICH IS TAKEN BY THI S COURT IN THE AFORESAID ANAND BASAPPA'S CASE IN I.T.A.NO. 113/2004, DISPOSE D OF ON SEPTEMBER 20, 2008 CIT V. D. ANANDA BASAPPA [2009] 309 ITR 329 (KAR.)].' ITA NO.3474/MUM/2019 NILUFER SAYED ASSESSMENT YEAR: 2011-12 7 4.4 SIMILAR VIEW HAS BEEN EXPRESSED BY HONBLE MADR AS HIGH COURT IN ITS EARLIER DECISION TITLED AS CIT V/S GUNAMAL JAIN [160 DTR 221 03/03/2017] AFTER APPLYING THE DECISIONS OF SAME COURT IN CIT V/S V.R. KARPAGAM [373 ITR 127] AND THE DECISION OF HONBLE KARNATAKA HIGH COURT IN CIT V/S SMT. K.G.RUKMINIAMMA [331 ITR 211]. THE HONBLE DELHI HIGH COURT RELYING UPON THE DECIS ION OF HONBLE KARNATAKA HIGH COURT IN CIT V/S D. ANANDA BASAPPA [309 ITR 329] TOOK SIMILAR VIEW AND DISMISSED REVENUES APPEAL BY HOLDING THAT NO SUBSTANTIAL QUESTION OF LAW AROSE. 4.5 KEEPING IN VIEW THE RULES OF JUDICIAL PRECEDENT S, THE AFORESAID VIEW OF HONBLE HIGH COURTS SHALL TAKE PRECEDENT O VER THE DECISION OF TRIBUNAL (SB) IN ITO V/S SUSHILA M.JHAVERI AS RELIED UPON BY LD. CIT(A). 4.6 IN VIEW OF THE FOREGOING & ACCEPTING THE INTERP RETATION OF WORD A AS OCCURRING IN SECTION 54 AS MADE BY HONBLE M ADRAS HIGH COURT IN TILOKCHAND & SONS V/S ITO [SUPRA], WE HOLD THAT ON THE FACTS AND CIRCUMSTANCES, THE ASSESSEE WOULD BE ELIG IBLE TO CLAIM DEDUCTION U/S 54 ON ACCOUNT OF INVESTMENT MADE IN B OTH THE FLATS. WE ORDER SO. THE LD. AO IS DIRECTED TO RE-COMPUTE A SSESSEES INCOME IN TERMS OF OUR ABOVE ORDER. 5. THE APPEAL STANDS ALLOWED IN TERMS OF OUR ABOVE ORDER. ORDER PRONOUNCED ON 25TH JANUARY, 2021. SD/- SD/- (MAHAVIR SINGH) (MANOJ KUMAR AGGARWAL) / VICE PRESIDENT / ACCOUNTANT MEMBER MUMBAI; DATED : 25/01/2021 SR.PS, JAISY VARGHESE ITA NO.3474/MUM/2019 NILUFER SAYED ASSESSMENT YEAR: 2011-12 8 / COPY OF THE ORDER FORWARDED TO : 1. #% / THE APPELLANT 2. &'#% / THE RESPONDENT 3. ! !- ( ) / THE CIT(A) 4. ! !- / CIT CONCERNED 5. ./& ) 0 , ! 0 , / DR, ITAT, MUMBAI 6. /123 / GUARD FILE / BY ORDER, / (DY./ASSTT.REGISTRAR) , / ITAT, MUMBAI.