https://www.taxtmi.com/caselaws?id=120686 The Tribunal upheld the CIT(A)'s decision allowing the appellant relief under section 54(1) of the Income-tax Act, confirming that the source of funds is irrelevant as long as the residential property is acquired within the specified timeframe. However, the Tribunal disallowed the deduction for multiple residential flats, as the appellant did not intend to merge the flats for residential use. The matter was remanded to the Assessing Officer to allow the deduction for only one flat, aligning with the appellant's claim. The revenue's appeal was partly allowed for statistical purposes. en-us Fri, 11 Jan 2008 00:00:00 +0530 Tue, 23 Jan 2024 12:40:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=120686 The Tribunal upheld the CIT(A)'s decision allowing the appellant relief under section 54(1) of the Income-tax Act, confirming that the source of funds is irrelevant as long as the residential property is acquired within the specified timeframe. However, the Tribunal disallowed the deduction for multiple residential flats, as the appellant did not intend to merge the flats for residential use. The matter was remanded to the Assessing Officer to allow the deduction for only one flat, aligning with the appellant's claim. The revenue's appeal was partly allowed for statistical purposes. Case-Laws Income Tax Fri, 11 Jan 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=120686