https://www.taxtmi.com/caselaws?id=424315 The Tribunal upheld the Assessing Officer's examination of the exemption under section 54F within the scope of limited scrutiny. However, the issue of whether the built-up area received under the Joint Development Agreement should be considered as one residential unit for exemption under section 54F was remanded to the AO for fresh consideration. The Tribunal directed a detailed examination of the construction and usage of the property, emphasizing the need to afford the assessees an opportunity to be heard. The appeals were treated as partly allowed for statistical purposes, and the stay petition was dismissed as infructuous. en-us Fri, 24 Jun 2022 00:00:00 +0530 Mon, 27 Jun 2022 10:25:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=424315 The Tribunal upheld the Assessing Officer's examination of the exemption under section 54F within the scope of limited scrutiny. However, the issue of whether the built-up area received under the Joint Development Agreement should be considered as one residential unit for exemption under section 54F was remanded to the AO for fresh consideration. The Tribunal directed a detailed examination of the construction and usage of the property, emphasizing the need to afford the assessees an opportunity to be heard. The appeals were treated as partly allowed for statistical purposes, and the stay petition was dismissed as infructuous. Case-Laws Income Tax Fri, 24 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=424315