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<h1>Assessee trust entitled to deduction under section 54 for property sale, eligible for set off of capital loss</h1> <h3>IRM TRUST Versus DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 5 (3)</h3> IRM TRUST Versus DEPUTY COMMISSIONER OF INCOME TAX, CIRCLE - 5 (3) - TMI The Gujarat High Court admitted a Tax Appeal to consider substantial questions of law related to the disallowance of deduction under section 54 of the Income Tax Act on the income of the assessee trust from the sale of a residential property. The appeal also questioned the eligibility of the assessee for set off of brought forward capital loss despite disclosure in the return of income and during assessment proceedings.