https://www.taxtmi.com/caselaws?id=121078 For section 54F, "owns" was interpreted in a context-sensitive and practical sense, so effective dominion, long possession and entitlement to use a residential flat were sufficient even without formal conveyance; the assessee was therefore treated as owning a residential house and the exemption on capital gains from sale of the plot was denied. On penalty, the claim was based on a debatable interpretation of "owns", "owner" and "owned", and all material facts were fully disclosed, so a mere wrong claim did not amount to concealment or furnishing inaccurate particulars; penalty under section 271(1)(c) was therefore not leviable and was deleted. en-us Fri, 02 Mar 2007 00:00:00 +0530 Wed, 09 Mar 2016 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=121078 For section 54F, "owns" was interpreted in a context-sensitive and practical sense, so effective dominion, long possession and entitlement to use a residential flat were sufficient even without formal conveyance; the assessee was therefore treated as owning a residential house and the exemption on capital gains from sale of the plot was denied. On penalty, the claim was based on a debatable interpretation of "owns", "owner" and "owned", and all material facts were fully disclosed, so a mere wrong claim did not amount to concealment or furnishing inaccurate particulars; penalty under section 271(1)(c) was therefore not leviable and was deleted. Case-Laws Income Tax Fri, 02 Mar 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=121078