https://www.taxtmi.com/caselaws?id=413849 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the Assessee, setting aside the addition made under section 54F of the Income Tax Act. The ITAT upheld the Assessee's claim for exemption, emphasizing the residential nature of the property as supported by various documents and official actions. The decision was based on the property being designated for residential use, with official entities treating it as such for tax and utility purposes. The ITAT allowed the Assessee's appeal, concluding that the property qualified for the exemption under section 54F. en-us Tue, 07 Sep 2021 00:00:00 +0530 Fri, 22 Oct 2021 08:31:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=413849 The Income Tax Appellate Tribunal (ITAT) ruled in favor of the Assessee, setting aside the addition made under section 54F of the Income Tax Act. The ITAT upheld the Assessee's claim for exemption, emphasizing the residential nature of the property as supported by various documents and official actions. The decision was based on the property being designated for residential use, with official entities treating it as such for tax and utility purposes. The ITAT allowed the Assessee's appeal, concluding that the property qualified for the exemption under section 54F. Case-Laws Income Tax Tue, 07 Sep 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=413849