https://www.taxtmi.com/caselaws?id=297690 The Tribunal upheld the Assessing Officer's decision, limiting the deduction under section 54F to the land purchased from Mr. Y.J. Alex. The Tribunal found that the assessee's intention was to develop a resort, supported by the application for constructing a resort and subsequent building permit. Different individuals sold the properties, with multiple buildings indicating a commercial venture rather than a single residential unit. The Tribunal held that each transaction should be assessed independently, ruling against treating the properties as contiguous for the section 54F deduction. The Revenue's appeal was successful, overturning the Commissioner of Income Tax (Appeals) decision. en-us Wed, 04 Nov 2015 00:00:00 +0530 Sat, 18 Sep 2021 08:09:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=297690 The Tribunal upheld the Assessing Officer's decision, limiting the deduction under section 54F to the land purchased from Mr. Y.J. Alex. The Tribunal found that the assessee's intention was to develop a resort, supported by the application for constructing a resort and subsequent building permit. Different individuals sold the properties, with multiple buildings indicating a commercial venture rather than a single residential unit. The Tribunal held that each transaction should be assessed independently, ruling against treating the properties as contiguous for the section 54F deduction. The Revenue's appeal was successful, overturning the Commissioner of Income Tax (Appeals) decision. Case-Laws Income Tax Wed, 04 Nov 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=297690