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2021 (9) TMI 696 - AT - Income TaxDisallowance exemption u/s. 54 - assessee invested capital gain in two adjacent flats - Disallowance of claim of the assessee by holding that legislature has allowed investment in one residential house - HELD THAT:- As decided in SYED ALI ADIL [2013 (6) TMI 278 - ANDHRA PRADESH HIGH COURT] expression "a residential house" in section 54(1) of the Act has to be understood in a sense that the building should be of residential nature and "a" should not be understood to indicate a singular number and where an assessee had purchased two residential flats, he is entitled to exemption under section 54 in respect of capital gains on sale of its property on purchase of both the flats, more so, when the flats are situated side by side and the builder has effected modification of the flats to make it as one unit, despite the fact that the flats were purchased by separate sale deeds. - Exemption to be allowed - Decided against the revenue.
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