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2016 (9) TMI 155 - HC - Income TaxReopening of assessment - grant of exemption under Section 54F - Held that:- The expression a residential house used in Section 54, should not be taken to convey the meaning that it refers to a 'single residential' house and if that was the intention of the legislature, the framers of the statute would have used the word one instead of a . In fact, the facts of the case in Smt.V.R.Karpagam (2014 (8) TMI 899 - MADRAS HIGH COURT) is more or less identical to that of the case on hand, which also pertained to a development of a property, originally owned by the assessee and the consideration was that the owner/assessee was to receive 43.75% of built up area after development, which translated into five flats. In the instant case, there is no doubt raised by the respondent with regard to the petitioner's eligibility to claim exemption under Section 54F, but the dispute is as to whether the petitioner is entitled to claim such exemption for all the five flats or for only one flat. In the light of the above it is held that the petitioner is entitled to the benefit of exemption under Section 54F as claimed by him and the reasons for reopening the assessment for the relevant assessment year is unsustainable. - Decided in favour of assessee.
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