https://www.taxtmi.com/caselaws?id=398119 The Tribunal ruled in favor of the assessees, allowing the exemption under section 54F of the Income Tax Act for the purchased house and renovation expenses. It emphasized that renovation expenses on a residential house can be considered for exemption if meeting construction requirements. The Tribunal criticized the CIT(A) for not acknowledging the renovation done by the assessees and for following decisions against them. The case was remitted back to the Assessing Officer for reassessment based on the details provided by the assessees. en-us Fri, 04 Sep 2020 00:00:00 +0530 Mon, 07 Sep 2020 10:10:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=398119 The Tribunal ruled in favor of the assessees, allowing the exemption under section 54F of the Income Tax Act for the purchased house and renovation expenses. It emphasized that renovation expenses on a residential house can be considered for exemption if meeting construction requirements. The Tribunal criticized the CIT(A) for not acknowledging the renovation done by the assessees and for following decisions against them. The case was remitted back to the Assessing Officer for reassessment based on the details provided by the assessees. Case-Laws Income Tax Fri, 04 Sep 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=398119