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of <h1>ITAT Bombay-C upholds assessee's benefit under section 54(1) of Income-tax Act.</h1> The department's appeal against the AAC's decision granting the assessee the benefit of section 54(1) of the Income-tax Act, 1961 was dismissed by the ... Residential House Property The department appealed against the AAC's order granting the assessee the benefit of section 54(1) of the Income-tax Act, 1961. The assessee purchased a flat in 1976 and sold it in 1977, claiming the exemption under section 54(1). The ITAT Bombay-C confirmed that the assessee, who had resided in the flat since 1972, was entitled to the exemption as the condition of 'personal residence' for two years preceding the transfer date was met. The appeal was dismissed. (Case: Appellate Tribunal ITAT BOMBAY-C, Citation: 1984 (2) TMI 128 - ITAT BOMBAY-C)
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