Section 54 of Income Tax Act, 1961—exemption u/s 54— This writ petition is filed challenging the order of the first respondent, in rejecting the petition filed by the assessee under Section 264, wherein and whereby the assessee sought for enhancement of the deduction of Rs. 1,02,13,527/- as the additional cost of construction u/s 54 of the act.[2019] 19 ITCD Online 01 (MAD)

Held that—this Court is of the view that the matter needs to go back to the first respondent for considering the issue as to whether the disputed amount, claimed by the assessee as deduction, has been utilised by the petitioner towards the additional construction within the time limit prescribing under Section 54(1) and thereafter, to pass fresh order accordingly in the light of the findings and observations rendered supra. Accordingly, the writ petition is allowed and the matter is remitted back to the first respondent to pass a fresh order accordingly. [VENKATA DILIP KUMAR VERSUS THE COMMISSIONER OF INCOME TAX, THE ASSISTANT COMMISSIONER OF INCOME TAX] [2019] 19 ITCD Online (1) [MADRAS HIGH COURT]