https://www.taxtmi.com/caselaws?id=354250 The Appellate Tribunal allowed the appeal, granting exemption u/s.54F for the acquisition of two residential flats. The Tribunal held that the term "residential house" under Section 54(1) of the Act could encompass multiple units, based on legislative intent and relevant judicial precedents. Therefore, the assessee was entitled to the benefit under Section 54(1) for investing in two flats out of the sale proceeds of long term capital gains. The decision overturned the CIT(A)'s denial of exemption and emphasized a broader interpretation of the term "residential house" in this context. en-us Fri, 19 Jan 2018 00:00:00 +0530 Mon, 22 Jan 2018 08:50:42 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=354250 The Appellate Tribunal allowed the appeal, granting exemption u/s.54F for the acquisition of two residential flats. The Tribunal held that the term "residential house" under Section 54(1) of the Act could encompass multiple units, based on legislative intent and relevant judicial precedents. Therefore, the assessee was entitled to the benefit under Section 54(1) for investing in two flats out of the sale proceeds of long term capital gains. The decision overturned the CIT(A)'s denial of exemption and emphasized a broader interpretation of the term "residential house" in this context. Case-Laws Income Tax Fri, 19 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=354250