https://www.taxtmi.com/caselaws?id=297577 The Tribunal partially allowed the appeal, remanding the matter to the AO for reassessment. The indexed cost of acquisition reduction was contested due to a factual error, requiring proper examination. The claim for deduction u/s 54F was upheld, considering two adjacent flats as a single residential unit. Interest charged u/s 234B was deemed procedural, and penalty proceedings were considered premature. The AO was directed to recalculate the deduction u/s 54F without deducting the allowance u/s 54, emphasizing proper verification of facts. en-us Mon, 07 Dec 2015 00:00:00 +0530 Fri, 10 Sep 2021 21:01:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297577 The Tribunal partially allowed the appeal, remanding the matter to the AO for reassessment. The indexed cost of acquisition reduction was contested due to a factual error, requiring proper examination. The claim for deduction u/s 54F was upheld, considering two adjacent flats as a single residential unit. Interest charged u/s 234B was deemed procedural, and penalty proceedings were considered premature. The AO was directed to recalculate the deduction u/s 54F without deducting the allowance u/s 54, emphasizing proper verification of facts. Case-Laws Income Tax Mon, 07 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297577