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2014 (1) TMI 752 - ITAT CHENNAIDeduction u/s 54F of the Act – Scope of section 22 of the Act – Held that:- The authorities below have erred in coming to the conclusion that the assessee owns two residential properties as the income received from the commercial property is assessed under the head "Income from House Property" - The view taken by the Commissioner of Income Tax (Appeals) is not correct that, the assessee has claimed deduction under section 24 of the Act, the assessee cannot claim property at Raahat Plaza to be commercial property - The Income Tax Act does not create any distinction between rental income from house property and rental income from commercial building - Rental income from residential and/or commercial building has to be assessed under section 22 of the Act under the head "Income from House Property" subject to certain exceptions. Section 22 shows that the term used in section is 'building', it is not qualified by the word 'residential' – Relying upon Shambhu Investment P. Ltd. Vs. CIT [2003 (1) TMI 99 - SUPREME Court] - the property situated at Raahat Plaza, Arcot Road, Chennai is a commercial property - the deduction claimed by the assessee under section 54F of the Act on account of investment in new residential house at Kodaikanal is allowed – Decided in favour of Assessee.
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