TMI Blog2020 (1) TMI 1489X X X X Extracts X X X X X X X X Extracts X X X X ..... dred square meters but he will be extended the benefit of the exemption with respect to one unit only because of the reason that there are two different properties based on registry documents. There can be a situation that the family of the assessee is quite large, comprising of several members in the family and therefore he needs two properties adjacent to each other to accommodate his family members. So from the point of view of the assessee, it is single property but he got two different properties registered as per the requirement of the builder. In our considered view, the assessee cannot be deprived of the benefit conferred under the statute merely on the reasoning that there were two different registries of the buildings/proper ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... medabad has erred in confirming disallowance u/s.54F of the Income Tax Act, 1961 ₹ 64,22,882/-. 1.02. That various reasons advanced by Learned CIT(Appeal)-6 Ahmedabad while confirming disallowance of claim are contrary to the facts and circumstances of the case. 1.03. Therefore disallowance of ₹ 64,22,882/- u/s.54F of the Income Tax Act5, 1961 confirmed by Learned CIT(Appeal)-9, Ahmedabad deserves to be deleted. 2.00 The appellant craves leave to add, amend, alter, edit, delete, modify any of the grounds of appeal at the time of or before final hearing of the appeal. 2. The only issue raised by the assessee is that the learned CIT(A) erred in confirming the order of the AO by denying the exemption claimed under secti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ntitled for the deduction/ exemption for both the bungalows under section 54F of the Act. 5.1. However, the learned CIT(A) observed that there is an amendment under the provisions of section 54F of the Act where the expression previously used a residential house has been substituted with one residential house. Such amendment is effective with effect from assessment year 2015-16 i.e. the year under consideration. Accordingly the learned CIT(A) rejected the contention of the assessee and confirmed the order of the AO. Being aggrieved by the order of the learned CIT (A) the assessee is in appeal before us. 6. The learned AR before us reiterated the submissions as made before the authorities below. On the other hand the learner DR ve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ject to the conditions. Similarly, the other assessee on the other hand acquired two different residential properties adjacent to each other but both the properties put together has only two hundred square meters but he will be extended the benefit of the exemption with respect to one unit only because of the reason that there are two different properties based on registry documents. 7.2. There can be a situation that the family of the assessee is quite large, comprising of several members in the family and therefore he needs two properties adjacent to each other to accommodate his family members. So from the point of view of the assessee, it is single property but he got two different properties registered as per the requirement of the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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