https://www.taxtmi.com/caselaws?id=118559 The Tribunal allowed the appeal, granting the exemption under Section 54F of the Income-tax Act to the assessee. It determined that the basement property qualified as a "residential house" despite its commercial use, as it possessed the necessary amenities and independent access. The Tribunal emphasized that the law requires the property to be capable of residential use, not necessarily used as a residence. en-us Fri, 09 Dec 2005 00:00:00 +0530 Sat, 13 Jul 2024 12:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118559 The Tribunal allowed the appeal, granting the exemption under Section 54F of the Income-tax Act to the assessee. It determined that the basement property qualified as a "residential house" despite its commercial use, as it possessed the necessary amenities and independent access. The Tribunal emphasized that the law requires the property to be capable of residential use, not necessarily used as a residence. Case-Laws Income Tax Fri, 09 Dec 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118559