https://www.taxtmi.com/caselaws?id=177634 The ITAT upheld the assessee's claim for exemption under section 54F of the Income-tax Act, 1961, despite the revenue's contention that shared ownership of a property disqualified the exemption. The Tribunal determined that joint ownership does not equate to sole ownership required for section 54F exemption. Consequently, the assessee's investment in residential flats qualified for the exemption, dismissing the revenue's appeal and affirming the CIT (Appeals) decision. en-us Mon, 19 Sep 2005 00:00:00 +0530 Thu, 18 Apr 2024 09:52:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177634 The ITAT upheld the assessee's claim for exemption under section 54F of the Income-tax Act, 1961, despite the revenue's contention that shared ownership of a property disqualified the exemption. The Tribunal determined that joint ownership does not equate to sole ownership required for section 54F exemption. Consequently, the assessee's investment in residential flats qualified for the exemption, dismissing the revenue's appeal and affirming the CIT (Appeals) decision. Case-Laws Income Tax Mon, 19 Sep 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177634