https://www.taxtmi.com/caselaws?id=374188 The Tribunal dismissed the appeal, upholding the disallowance of exemption under Section 54F of the Income Tax Act. The claim that the constructed structure qualified as a residential house was rejected due to the absence of basic amenities, leading to the denial of exemption. The Tribunal affirmed the findings of the Assessing Officer and Commissioner of Income Tax (Appeals) on various issues, including the treatment of land cost, withdrawal of exemption, and rejection of claimed improvements, ultimately denying the exemption and levy of interest under relevant sections. Penalty proceedings under Section 271(1)(c) were not extensively addressed. en-us Mon, 21 Jan 2019 00:00:00 +0530 Mon, 28 Jan 2019 08:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=374188 The Tribunal dismissed the appeal, upholding the disallowance of exemption under Section 54F of the Income Tax Act. The claim that the constructed structure qualified as a residential house was rejected due to the absence of basic amenities, leading to the denial of exemption. The Tribunal affirmed the findings of the Assessing Officer and Commissioner of Income Tax (Appeals) on various issues, including the treatment of land cost, withdrawal of exemption, and rejection of claimed improvements, ultimately denying the exemption and levy of interest under relevant sections. Penalty proceedings under Section 271(1)(c) were not extensively addressed. Case-Laws Income Tax Mon, 21 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=374188