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2018 (10) TMI 2018 - AT - Income TaxLTCG - Exemption u/s 54F - house was habitable or not? - As per the AO the expenses were held to be made to make the house ‘luxurious’ and ‘comfortable’ hence the expenditure did not come in the ambit of Section 54F - whether the house was habitable at the time of purchase or it genuinely required repairing or remodeling to make it habitable? - HELD THAT:- It is pertinent to note that there is an observation of the Assessing Officer that the house was habitable and given for rent for 7 months. But the Assessing Officer has only gone through the spot verification conducted by sub-registrar that the property was habitable. We find that an identical issue come up before in case of Rahana Siraj vs. CIT [2015 (1) TMI 1421 - KARNATAKA HIGH COURT] which was relied by the Ld. AR. In light of the above decision, the claim of the assessee u/s 54F of the Act is just and proper. Decided in favour of assessee.
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