https://www.taxtmi.com/caselaws?id=65444 Long-term capital gain on sale of shares was recognised on the facts, and the section 54F claim was restored for verification because the decisive question was whether the assessee had constructed a residential house out of the net consideration; mere commercial use did not by itself defeat the claim. The note also states that brokerage paid for letting out property is not an allowable deduction under the exhaustive house-property deduction scheme. On interest under sections 234B and 234C, levy was not deleted, but recomputation was required after giving effect to reliefs, with an opportunity to contest applicability before the Assessing Officer. en-us Fri, 07 Oct 2005 00:00:00 +0530 Tue, 09 Apr 2024 18:16:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=65444 Long-term capital gain on sale of shares was recognised on the facts, and the section 54F claim was restored for verification because the decisive question was whether the assessee had constructed a residential house out of the net consideration; mere commercial use did not by itself defeat the claim. The note also states that brokerage paid for letting out property is not an allowable deduction under the exhaustive house-property deduction scheme. On interest under sections 234B and 234C, levy was not deleted, but recomputation was required after giving effect to reliefs, with an opportunity to contest applicability before the Assessing Officer. Case-Laws Income Tax Fri, 07 Oct 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=65444