ITAT held the assessee ineligible for exemption u/s 54/54F as the assessee already owned more than one independent residential house at the time of transfer, evidenced by three separate rentable residential units with independent kitchens in one building, rendering the claim barred at the threshold. The Tribunal rejected reliance on contrary case law as distinguishable. On unexplained cash deposits during demonetisation, ITAT accepted the assessee's explanation that deposits were sourced from earlier cash withdrawals, refundable rental security deposits and amounts received under a joint development agreement forming part of sale consideration, deleting the addition u/s 69A. Consequently, issues on tax rate u/s 115BBE were rendered infructuous. The appeal was partly allowed.
ITAT held the assessee ineligible for exemption u/s 54/54F as the assessee already owned more than one independent residential house at the time of transfer, evidenced by three separate rentable residential units with independent kitchens in one building, rendering the claim barred at the threshold. The Tribunal rejected reliance on contrary case law as distinguishable. On unexplained cash deposits during demonetisation, ITAT accepted the assessee's explanation that deposits were sourced from earlier cash withdrawals, refundable rental security deposits and amounts received under a joint development agreement forming part of sale consideration, deleting the addition u/s 69A. Consequently, issues on tax rate u/s 115BBE were rendered infructuous. The appeal was partly allowed.
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