https://www.taxtmi.com/caselaws?id=279292 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, allowing the exemption under section 54F of the Income Tax Act. It was determined that joint ownership of a second residential property did not disqualify the assessee from claiming the deduction for LTCG invested in a new residential house. Citing judicial pronouncements, including a pivotal ruling by the Madras High Court, the Tribunal emphasized the distinction between joint and absolute ownership, ultimately dismissing the revenue's appeal due to the lack of contradictory decisions supporting their position. en-us Mon, 31 Jul 2017 00:00:00 +0530 Tue, 12 Mar 2019 07:43:09 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=279292 The Tribunal upheld the CIT(A)'s decision in favor of the assessee, allowing the exemption under section 54F of the Income Tax Act. It was determined that joint ownership of a second residential property did not disqualify the assessee from claiming the deduction for LTCG invested in a new residential house. Citing judicial pronouncements, including a pivotal ruling by the Madras High Court, the Tribunal emphasized the distinction between joint and absolute ownership, ultimately dismissing the revenue's appeal due to the lack of contradictory decisions supporting their position. Case-Laws Income Tax Mon, 31 Jul 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=279292