AO must allow benefit U/s. 54F not claimed in return but during Assessment Proceedings

Assessing Officer as well as CIT(A) have denied the benefit of section 54F deduction to the assessee on the ground that same was not claimed in the return of income filed by the assessee. We are of the considered view that if during the course of assessment proceedings, the assessee filed details of claim of exemption of the same u/s.54F of the Act, the Assessing Officer is duty bound to entertain those details and verify the same and if the assessee is found eligible otherwise as per the conditions u/s.54F of the Act, he is bound to allow deduction to the assessee. Our view finds support from...