https://www.taxtmi.com/caselaws?id=405199 The High Court ruled in favor of the assessee, holding that the Commissioner of Income Tax could not invoke powers under Section 263 as the Assessing Officer's decision was not erroneous or prejudicial to revenue. The court emphasized that owning more than two residential houses, including one let out for commercial purposes, did not disqualify the assessee from claiming deduction under Section 54F of the Income Tax Act. The court clarified that the property's usage and the number of residential properties owned were crucial factors in determining eligibility for the deduction. The appeal by the revenue was dismissed, affirming the assessee's eligibility for the deduction. en-us Mon, 01 Mar 2021 00:00:00 +0530 Sat, 13 Mar 2021 08:41:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=405199 The High Court ruled in favor of the assessee, holding that the Commissioner of Income Tax could not invoke powers under Section 263 as the Assessing Officer's decision was not erroneous or prejudicial to revenue. The court emphasized that owning more than two residential houses, including one let out for commercial purposes, did not disqualify the assessee from claiming deduction under Section 54F of the Income Tax Act. The court clarified that the property's usage and the number of residential properties owned were crucial factors in determining eligibility for the deduction. The appeal by the revenue was dismissed, affirming the assessee's eligibility for the deduction. Case-Laws Income Tax Mon, 01 Mar 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=405199