https://www.taxtmi.com/caselaws?id=213579 The Tribunal allowed exemption under Section 54F for one flat instead of two, disallowing the claim for the second flat due to lack of adjacency. The Tribunal directed fresh adjudication on the disallowed long-term capital loss on the sale of flats to the assessee's wife and unlisted shares, emphasizing the need for thorough scrutiny. The disallowance of short-term capital loss on distressed assets was upheld as a sham transaction lacking commercial substance. The Tribunal restored the issue of set-off of brought forward long-term capital loss for further verification by the AO. The judgment stressed the importance of genuine transactions for claiming tax benefits under the Income Tax Act. en-us Mon, 31 Oct 2011 00:00:00 +0530 Thu, 09 Apr 2026 10:20:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213579 The Tribunal allowed exemption under Section 54F for one flat instead of two, disallowing the claim for the second flat due to lack of adjacency. The Tribunal directed fresh adjudication on the disallowed long-term capital loss on the sale of flats to the assessee's wife and unlisted shares, emphasizing the need for thorough scrutiny. The disallowance of short-term capital loss on distressed assets was upheld as a sham transaction lacking commercial substance. The Tribunal restored the issue of set-off of brought forward long-term capital loss for further verification by the AO. The judgment stressed the importance of genuine transactions for claiming tax benefits under the Income Tax Act. Case-Laws Income Tax Mon, 31 Oct 2011 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213579