https://www.taxtmi.com/caselaws?id=19267 The court clarified that for exemption under Section 54 of the Income-tax Act, the residential property must be "mainly" used for residence by the assessee or their parents in the two years preceding the transfer. The court rejected interpretations requiring continuous use or any use within the two years, favoring a balanced approach that emphasizes substantial residential use. In the case at hand, where the property was used for only two months before transfer, the court ruled against the assessee, holding that they did not meet the exemption conditions. The court ruled in favor of the Revenue, with no order as to costs. en-us Wed, 01 Dec 1993 00:00:00 +0530 Thu, 05 Nov 2009 11:22:47 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=19267 The court clarified that for exemption under Section 54 of the Income-tax Act, the residential property must be "mainly" used for residence by the assessee or their parents in the two years preceding the transfer. The court rejected interpretations requiring continuous use or any use within the two years, favoring a balanced approach that emphasizes substantial residential use. In the case at hand, where the property was used for only two months before transfer, the court ruled against the assessee, holding that they did not meet the exemption conditions. The court ruled in favor of the Revenue, with no order as to costs. Case-Laws Income Tax Wed, 01 Dec 1993 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=19267