Deduction under Sections 54/54F allowed when new residential property has multiple independent units; vertical construction valid SC upheld HC and allowed the deduction under Sections 54/54F to the assessee. The Court held that the statutory requirement is only that the property be ...
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Deduction under Sections 54/54F allowed when new residential property has multiple independent units; vertical construction valid
SC upheld HC and allowed the deduction under Sections 54/54F to the assessee. The Court held that the statutory requirement is only that the property be for residential and not commercial use; there is no mandate about physical construction or configuration. Whether a house is built vertically or consists of several independent units with separate entrances does not defeat its character as a residential house. Revenue cannot deny the deduction merely because the new residence contains multiple independent units.
The Supreme Court dismissed the Special Leave Petition, with delay condoned. The citation is 2014 (8) TMI 1052 - SC Order. The Delhi High Court citation is 2013 (3) TMI 101. Judges were Madan B. Lokur and C. Nagappan. Petitioner represented by Ranjit Kumar, SG, and others.
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