https://www.taxtmi.com/caselaws?id=422285 The ITAT Surat allowed the appeal of the assessee, granting exemption under section 54 of the Income Tax Act for the purchase of two flats in the assessment year 2014-15. The tribunal ruled that the assessee was eligible for deduction for the second flat, as it was purchased before the amendment limiting the deduction to one residential house came into effect in April 2015. The judgment clarified the interpretation of section 54 and upheld the assessee's claim for exemption based on the timing of the property purchase and legislative changes in the provision. en-us Tue, 10 May 2022 00:00:00 +0530 Mon, 06 Apr 2026 12:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422285 The ITAT Surat allowed the appeal of the assessee, granting exemption under section 54 of the Income Tax Act for the purchase of two flats in the assessment year 2014-15. The tribunal ruled that the assessee was eligible for deduction for the second flat, as it was purchased before the amendment limiting the deduction to one residential house came into effect in April 2015. The judgment clarified the interpretation of section 54 and upheld the assessee's claim for exemption based on the timing of the property purchase and legislative changes in the provision. Case-Laws Income Tax Tue, 10 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422285