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2023 (4) TMI 461 - ITAT MUMBAIExemption u/s 54F - investment made in residential house - two residential flats - Whether CIT(A) has erred in granting exemption u/sec 54F of the Act in respect of two residential flats irrespective of amendment which has come into effect from 01.04.2015 and is applicable to the assessee for investment in one residential house in India? - HELD THAT:- Assessee has invested in one residential property. AR has substantiated with the copy of structural plan and the society letter dated 8-04-2019 that it is only one residential unit. Whereas, the provisions of sec 54F of the Act are beneficial provisions and are to be construed liberally. DR could not controvert the finding of the CIT(A) with new cogent material information or evidence and the CIT(A) has passed a reasoned and logical order. Accordingly, we do not find any infirmity in the order of the CIT(A) and uphold the same and dismiss the grounds of appeal of the revenue.
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