https://www.taxtmi.com/caselaws?id=14025 Exemption under s. 54 for capital gains on sale of a residential property was denied because the assessee's own admission that the property was "not worth occupying" established it was not inhabitable, and factual findings showed only a garage and servant quarters existed with no actual residential occupation (no servant/tenant stay or cooking). On this legal and factual basis, the Tribunal correctly held that the asset was not a residential house used for residence so as to attract s. 54, and the assessee was rightly assessable to capital gains for AY 1972-73; the reference was answered in favour of the Revenue. en-us Wed, 03 Jan 2001 00:00:00 +0530 Tue, 06 Jan 2026 14:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14025 Exemption under s. 54 for capital gains on sale of a residential property was denied because the assessee's own admission that the property was "not worth occupying" established it was not inhabitable, and factual findings showed only a garage and servant quarters existed with no actual residential occupation (no servant/tenant stay or cooking). On this legal and factual basis, the Tribunal correctly held that the asset was not a residential house used for residence so as to attract s. 54, and the assessee was rightly assessable to capital gains for AY 1972-73; the reference was answered in favour of the Revenue. Case-Laws Income Tax Wed, 03 Jan 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14025