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LTCG - deduction u/s 54F - as pursuant to the JDA, assessee had received multiple residential units and not a single residential unit - The Tribunal observed that prior to the amendment to section 54F of the Act, various judicial pronouncements had interpreted the term "a residential house" to include multiple residential units. Citing legal principles, the Tribunal highlighted that decisions interpreting statutory provisions form binding precedents. It reiterated that the interpretation of "a residential house" as including multiple units, upheld by various High Courts, including the Karnataka High Court, was binding. - the Tribunal concluded that the assessee is entitled to the benefit of section 54F of the Act for all the units received under the JDA, as the relevant assessment year predates the amendment. Therefore, the appeal filed by the Revenue was dismissed.
LTCG - deduction u/s 54F - as pursuant to the JDA, assessee had received multiple residential units and not a single residential unit - The Tribunal observed that prior to the amendment to section 54F of the Act, various judicial pronouncements had interpreted the term "a residential house" to include multiple residential units. Citing legal principles, the Tribunal highlighted that decisions interpreting statutory provisions form binding precedents. It reiterated that the interpretation of "a residential house" as including multiple units, upheld by various High Courts, including the Karnataka High Court, was binding. - the Tribunal concluded that the assessee is entitled to the benefit of section 54F of the Act for all the units received under the JDA, as the relevant assessment year predates the amendment. Therefore, the appeal filed by the Revenue was dismissed.
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