Section 54 deduction cannot be denied for claiming under Section 54F

Satish S. Prabhu Vs ACIT (ITAT Mumbai) The Assessing Officer has disallowed the deduction claimed primarily for two reasons; firstly, the claim was not made either in the original return of income or by way of a revised return of income. Secondly; the flat transferred being a residential property, no deduction under section 54F of the Act can be allowed. Whereas, learned Commissioner (Appeals) has sustained the said disallowance on the reasoning that the assessee has suppressed the ownership of the second flat and the resultant capital gain and further, the flat sold being a residential proper...