Pre-amendment reassessment limitation bars late notices under the preserved regime, invalidating consequential reassessment for affected earlier asses...
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The ITAT allowed the assessee's claim under Section 54F, affirming that "a residential house" should be interpreted liberally. The tribunal held that purchasing multiple residential flats/units in the same building can qualify for capital gains tax exemption. The decision follows precedential interpretations that "a" does not strictly mean singular, and beneficial provisions should be construed expansively. The assessee's claim was substantiated through relevant documentation, and the tribunal rejected technical objections raised by the revenue department, ultimately granting exemption for the capital gains.
The ITAT allowed the assessee's claim under Section 54F, affirming that "a residential house" should be interpreted liberally. The tribunal held that purchasing multiple residential flats/units in the same building can qualify for capital gains tax exemption. The decision follows precedential interpretations that "a" does not strictly mean singular, and beneficial provisions should be construed expansively. The assessee's claim was substantiated through relevant documentation, and the tribunal rejected technical objections raised by the revenue department, ultimately granting exemption for the capital gains.
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TaxTMI 
TaxTMI 
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