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of <h1>Appeals Dismissed: Deduction Allowed for 3 Flats Converted into One House</h1> The Revenue's appeals against the CIT(A) orders for Assessment Year 2007-08 were dismissed by the Tribunal. The Tribunal upheld the CIT(A) decision ... - Issues involved: Appeal by Revenue against CIT(A) orders related to Assessment Year 2007-08.ITA No.994/PN/2011 (Ritesh Prem Bellara A.Y.2007-08):The assessee claimed deduction u/s.54 for capital gain on sale of jointly held property, investing in 3 flats. AO allowed deduction for one flat, disallowing the rest. CIT(A) allowed deduction for all 3 flats based on Karnataka HC decision. Revenue appealed against CIT(A) decision.The Tribunal considered ownership of property, sale details, and purchase of 3 flats by assessee and brother. Assessee claimed all 3 flats were converted into one house for family residence. Citing relevant case laws, Tribunal upheld CIT(A) decision, allowing deduction for all 3 flats. Revenue's grounds were dismissed, and appeal was rejected.ITA No. 995/PN/2011 (Nitin Prem Bellara A.Y.2007-08):Revenue's grounds were identical to the previous appeal. Tribunal dismissed Revenue's grounds based on the decision made in the first appeal.In conclusion, both appeals by Revenue were dismissed based on the Tribunal's findings and relevant legal precedents.[Judgment delivered on: 28th August 2012]
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