Maintainability of a Section 7 insolvency petition against a financial service provider denied; appeal dismissed for non maintainability and complex d...
Provisional attachment under Prevention of Money Laundering Act requires exhaustion of statutory remedies; impugned order set aside, appeal to tribuna...
Restoration of property under Prevention of Money Laundering Act after attachment dispute rendered academic; possession directed to successful resolut...
ITAT held that for deduction under section 54F, the decisive question was whether the disputed property could legally be treated as a residential house on the relevant date. On the basis of the registered purchase deed, later sale deed and the purchaser's notarised affidavit, the property was found to be open land fit for inhabitation, not a residential premises. Its appearance in the balance sheet at a stated value did not prove residential character. As the assessee was therefore not shown to own more than one residential house, the statutory condition for denial of deduction was not met and the deduction was rightly allowed.
ITAT held that for deduction under section 54F, the decisive question was whether the disputed property could legally be treated as a residential house on the relevant date. On the basis of the registered purchase deed, later sale deed and the purchaser's notarised affidavit, the property was found to be open land fit for inhabitation, not a residential premises. Its appearance in the balance sheet at a stated value did not prove residential character. As the assessee was therefore not shown to own more than one residential house, the statutory condition for denial of deduction was not met and the deduction was rightly allowed.
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