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2017 (4) TMI 342 - AT - Income TaxDisallowance of exemption claimed u/s 54 and 54F - assessee had made investment in acquiring two residential flats whereas the benefit of deduction under section 54/54F is available on acquisition/construction of "one" residential house only - Held that:- The assessee acquired the flat, the intention was to use it as one residential unit. In our considered view, it will not make any distinction whether the flats were constructed as such by the builder or the same was altered or combined into one at the instance of the buyer (assessee). Thus, the assessee is very much eligible to claim the benefit of deduction under section 54/54F on the entire amount of investment made in residential flat bearing Nos. 2601 and 2602 in Beau Monde, Tower "C", Prabhadevi, Mumbai. Thus, the learned Commissioner of Income-tax (Appeals) has rightly granted relief to the assessee and, therefore, his order is upheld. - Decided in favour of assessee.
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