https://www.taxtmi.com/caselaws?id=416771 The Tribunal ruled in favor of the assessee, determining that the property at Shastri Nagar was used for commercial purposes, as evidenced by an inspector's report and payment of mixed-use charges. The Tribunal emphasized that property nature should be based on actual usage rather than municipal records. Consequently, the assessee was granted exemption under Section 54F of the Income Tax Act, allowing for the claimed tax benefit. en-us Tue, 04 Jan 2022 00:00:00 +0530 Fri, 07 Jan 2022 08:52:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=416771 The Tribunal ruled in favor of the assessee, determining that the property at Shastri Nagar was used for commercial purposes, as evidenced by an inspector's report and payment of mixed-use charges. The Tribunal emphasized that property nature should be based on actual usage rather than municipal records. Consequently, the assessee was granted exemption under Section 54F of the Income Tax Act, allowing for the claimed tax benefit. Case-Laws Income Tax Tue, 04 Jan 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=416771