https://www.taxtmi.com/caselaws?id=424181 The ITAT partially allowed the appeal, directing the AO to compute income from house property based on annual value. It ruled in favor of the assessee, allowing the exemption under section 54EC of the Income Tax Act for investments made after the transfer of shares, citing ambiguity in legislative language and following the principle benefiting the assessee. The ITAT overturned the CIT(A)'s decision and ordered the deletion of the addition based on this ground. en-us Mon, 20 Jun 2022 00:00:00 +0530 Thu, 23 Jun 2022 09:24:48 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424181 The ITAT partially allowed the appeal, directing the AO to compute income from house property based on annual value. It ruled in favor of the assessee, allowing the exemption under section 54EC of the Income Tax Act for investments made after the transfer of shares, citing ambiguity in legislative language and following the principle benefiting the assessee. The ITAT overturned the CIT(A)'s decision and ordered the deletion of the addition based on this ground. Case-Laws Income Tax Mon, 20 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424181