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2018 (4) TMI 399 - AT - Income TaxEligibility for deduction u/s 54F - LTCG - exemption as restricted to investment in 'a residential house' - two flats converted to a single residential unit - Held that:- Prior to the amendment, there are various judicial pronouncements which have held the exemption u/s 54 / 54F was to be allowed in respect of investments in two adjacent or contiguous units converted into one residential house by having common passage / stair-case, common kitchen, etc. intended to be used as single house for the residence of the family. Undisputedly, the assessee in the instant case had purchased two flats in different locations. One at Warriam Road and the other at Layam Road. Therefore, these two flats cannot be converted to a single residential unit. On identical facts, the Special Bench of the Tribunal in the case of ITO v. Ms.Sushila M.Jhaveri [2007 (4) TMI 289 - ITAT BOMBAY-I] after considering the judicial pronouncements on the issue, have decided the matter against the assessee.
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