Transaction value rejection requires reliable corroboration; refundable VAT is excluded and temporary registration does not defeat new-vehicle exempti...
Appellate jurisdiction remains available where a wrist-worn gold ornament cannot conclusively be characterised as imported baggage at the preliminary ...
Written complaint requirement bars cognizance on police reports for securities offences, while unsupported breach of trust and cheating allegations fa...
Risk-based postal import clearance standardises electronic assessment, document requests, duty realisation and delivery controls at Foreign Post Offic...
Customs Cargo Service Provider appointment extends custodianship to additional terminal land, subject to cargo-control, security and licence condition...
The High Court held that the phrase 'a residential house' in Section 54F of the Income Tax Act should be interpreted strictly to mean a single residential unit. The assessee was not entitled to claim exemption u/s 54F for investing in two separate flats located on different floors and at diagonally opposite ends, despite being in the same tower. The word 'a' denotes singular and not plural. The intent of the legislature was to grant exemption for investment in one residential house, not multiple residential units. However, the Court clarified that in certain cases where floors or houses are constructed to be used as one singular unit, they may qualify as 'a residential house' u/s 54F.
The High Court held that the phrase 'a residential house' in Section 54F of the Income Tax Act should be interpreted strictly to mean a single residential unit. The assessee was not entitled to claim exemption u/s 54F for investing in two separate flats located on different floors and at diagonally opposite ends, despite being in the same tower. The word 'a' denotes singular and not plural. The intent of the legislature was to grant exemption for investment in one residential house, not multiple residential units. However, the Court clarified that in certain cases where floors or houses are constructed to be used as one singular unit, they may qualify as 'a residential house' u/s 54F.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4784
Join Channel
TaxTMI 
