https://www.taxtmi.com/caselaws?id=120422 The ITAT denied the assessee's claim for deduction under section 54 of the Income-tax Act for the sale of property at Vishnu Vila, holding that two non-contiguous flats cannot be considered as one residential unit. The property was treated as a business asset and taxed accordingly, with the ITAT directing the AO to determine the extent of the assessee's share in the property for taxation purposes. The ITAT's decision overturned the CIT(A)'s order and favored the revenue, denying the exemption and upholding the property's classification as a business asset. en-us Fri, 29 Aug 2008 00:00:00 +0530 Thu, 19 Jul 2012 12:33:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120422 The ITAT denied the assessee's claim for deduction under section 54 of the Income-tax Act for the sale of property at Vishnu Vila, holding that two non-contiguous flats cannot be considered as one residential unit. The property was treated as a business asset and taxed accordingly, with the ITAT directing the AO to determine the extent of the assessee's share in the property for taxation purposes. The ITAT's decision overturned the CIT(A)'s order and favored the revenue, denying the exemption and upholding the property's classification as a business asset. Case-Laws Income Tax Fri, 29 Aug 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120422