https://www.taxtmi.com/caselaws?id=297503 The Court upheld the Tribunal's decision to dismiss the appeals regarding the refusal of exemption under Section 54F of the Income Tax Act. It was clarified that the exemption is only applicable for the construction of a new residential house, not for renovation or modification of existing structures. Since the assessee had not constructed a separate residential house as required by the provision, the Court found no legal infirmity in the Tribunal's decision to deny the exemption. en-us Wed, 22 Aug 2012 00:00:00 +0530 Tue, 07 Sep 2021 14:57:56 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297503 The Court upheld the Tribunal's decision to dismiss the appeals regarding the refusal of exemption under Section 54F of the Income Tax Act. It was clarified that the exemption is only applicable for the construction of a new residential house, not for renovation or modification of existing structures. Since the assessee had not constructed a separate residential house as required by the provision, the Court found no legal infirmity in the Tribunal's decision to deny the exemption. Case-Laws Income Tax Wed, 22 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297503