https://www.taxtmi.com/caselaws?id=66821 The Tribunal ruled that the properties sold and purchased by the assessee did not qualify as "residential houses" under Section 54 of the IT Act, 1961. It emphasized the legislative intent to encourage acquiring residential houses for self-occupation or letting out. The temporary structures on the properties did not meet this criterion. Consequently, the appeal filed by the Revenue was allowed, and the exemption under Section 54 was denied. en-us Fri, 04 Apr 2008 00:00:00 +0530 Tue, 19 Dec 2023 16:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66821 The Tribunal ruled that the properties sold and purchased by the assessee did not qualify as "residential houses" under Section 54 of the IT Act, 1961. It emphasized the legislative intent to encourage acquiring residential houses for self-occupation or letting out. The temporary structures on the properties did not meet this criterion. Consequently, the appeal filed by the Revenue was allowed, and the exemption under Section 54 was denied. Case-Laws Income Tax Fri, 04 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66821