https://www.taxtmi.com/caselaws?id=16003 The Bombay High Court ruled against the assessee, denying their claim for exemption under section 54 of the Income-tax Act for the assessment year 1982-83. The court held that the property must be used mainly for the assessee's own residence in the two years preceding the transfer, emphasizing that occupation as an owner is crucial for claiming exemption. Since the assessees did not meet this requirement due to occupying the property on a leave and license basis and not as owners during the relevant period, the court decided in favor of the Revenue, rejecting the exemption claim. en-us Wed, 14 Jul 1999 00:00:00 +0530 Mon, 31 Aug 2009 13:49:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=16003 The Bombay High Court ruled against the assessee, denying their claim for exemption under section 54 of the Income-tax Act for the assessment year 1982-83. The court held that the property must be used mainly for the assessee's own residence in the two years preceding the transfer, emphasizing that occupation as an owner is crucial for claiming exemption. Since the assessees did not meet this requirement due to occupying the property on a leave and license basis and not as owners during the relevant period, the court decided in favor of the Revenue, rejecting the exemption claim. Case-Laws Income Tax Wed, 14 Jul 1999 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=16003