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2018 (2) TMI 177 - AT - Income TaxClaim of exemption raised by the assessee u/s 54F - Held that:- The case of the assessee before us does not fall within the sweep of the disqualification contemplated in the proviso of Sec. 54F(1) for two reasons, viz. (i) the properties, i.e. Tara Manzil and Noor Manzil were not residential properties but commercial properties; and (ii) that the assessee was not the absolute owner of the aforesaid properties, but rather, was only a fractional owner of the same. It can safely be concluded that the observations of the CIT(A) do not suffer from any infirmity. Thus as being in agreement with the view taken by the coordinate bench of the Tribunal in the case of Shri Rasiklal N. Satra (2005 (9) TMI 635 - ITAT MUMBAI) therefore, uphold the order of the CIT(A). - Decided against revenue.
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