https://www.taxtmi.com/caselaws?id=215220 The Tribunal allowed the assessee's appeal, granting exemption under section 54 of the Income Tax Act. It held that the property qualified as a residential house with land appurtenant thereto, fulfilling ownership conditions. The Tribunal rejected the revenue's argument that the property had become a commercial asset, emphasizing its residential nature. The decision was issued on 08-06-2012, dismissing the revenue's appeal and upholding the assessee's claim for exemption. en-us Fri, 08 Jun 2012 00:00:00 +0530 Wed, 25 Jul 2012 09:29:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=215220 The Tribunal allowed the assessee's appeal, granting exemption under section 54 of the Income Tax Act. It held that the property qualified as a residential house with land appurtenant thereto, fulfilling ownership conditions. The Tribunal rejected the revenue's argument that the property had become a commercial asset, emphasizing its residential nature. The decision was issued on 08-06-2012, dismissing the revenue's appeal and upholding the assessee's claim for exemption. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=215220