https://www.taxtmi.com/caselaws?id=382295 Ownership of more than one residential house on the date of transfer disqualifies an assessee from Section 54F relief, even if one property is claimed as demolished or the other units are said to be business assets; the residential nature and ownership findings sustained the denial. Foundation cost integral to a windmill is treated as part of the windmill asset and qualifies for depreciation at the windmill rate. Deemed rental income was upheld where the assessee was found to own multiple house properties and evidence of non-possession was lacking. Disallowance under Rule 8D was sustained because exempt income was earned and administrative expenditure was linked to it, and ad hoc disallowances of vehicle and travelling expenses were confirmed for want of proof of exclusive business use. en-us Mon, 24 Jun 2019 00:00:00 +0530 Fri, 28 Jun 2019 11:37:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=382295 Ownership of more than one residential house on the date of transfer disqualifies an assessee from Section 54F relief, even if one property is claimed as demolished or the other units are said to be business assets; the residential nature and ownership findings sustained the denial. Foundation cost integral to a windmill is treated as part of the windmill asset and qualifies for depreciation at the windmill rate. Deemed rental income was upheld where the assessee was found to own multiple house properties and evidence of non-possession was lacking. Disallowance under Rule 8D was sustained because exempt income was earned and administrative expenditure was linked to it, and ad hoc disallowances of vehicle and travelling expenses were confirmed for want of proof of exclusive business use. Case-Laws Income Tax Mon, 24 Jun 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=382295