https://www.taxtmi.com/caselaws?id=415533 The Tribunal upheld the denial of exemption under Section 54 of the Income Tax Act, as the property sold did not meet the definition of a residential house. The issue of construction cost claimed by the assessee was remanded to the Assessing Officer for verification from audited financial statements, allowing this ground for statistical purposes. The third issue regarding exemption based on actual versus deemed sale consideration was dismissed as consequential to the first issue. The appeal was partly allowed for statistical purposes. en-us Mon, 12 Jul 2021 00:00:00 +0530 Wed, 08 Dec 2021 08:56:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=415533 The Tribunal upheld the denial of exemption under Section 54 of the Income Tax Act, as the property sold did not meet the definition of a residential house. The issue of construction cost claimed by the assessee was remanded to the Assessing Officer for verification from audited financial statements, allowing this ground for statistical purposes. The third issue regarding exemption based on actual versus deemed sale consideration was dismissed as consequential to the first issue. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Mon, 12 Jul 2021 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=415533