https://www.taxtmi.com/caselaws?id=177150 The Tribunal upheld the deletion of the penalty imposed under Section 271(1)(c) as the basis for the penalty was no longer valid. The appeals regarding the disallowance of the deduction under Section 54 were allowed, as the new flats received were considered an investment in a residential house, entitling the assessees to exemption under Section 54. The Tribunal's decision was supported by relevant case law interpretations on 'purchase' and the allocation of new residential property between co-owners. en-us Wed, 30 Sep 2015 00:00:00 +0530 Mon, 04 Jan 2016 13:00:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177150 The Tribunal upheld the deletion of the penalty imposed under Section 271(1)(c) as the basis for the penalty was no longer valid. The appeals regarding the disallowance of the deduction under Section 54 were allowed, as the new flats received were considered an investment in a residential house, entitling the assessees to exemption under Section 54. The Tribunal's decision was supported by relevant case law interpretations on 'purchase' and the allocation of new residential property between co-owners. Case-Laws Income Tax Wed, 30 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177150