https://www.taxtmi.com/caselaws?id=425077 The Tribunal partly allowed the appeal, ruling that the assessee was eligible for deduction under Sec.54F for the investment in one residential house, despite the property having multiple floors and units. The decision emphasized the singular nature of the residential property for deduction purposes, clarifying that fragmentation into separate livable units on one piece of land does not disqualify the deduction claim. The Tribunal directed re-computation of the assessee's income for proportionate deduction eligibility, highlighting the importance of the statutory interpretation in determining deduction eligibility. en-us Wed, 13 Jul 2022 00:00:00 +0530 Fri, 15 Jul 2022 09:13:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=425077 The Tribunal partly allowed the appeal, ruling that the assessee was eligible for deduction under Sec.54F for the investment in one residential house, despite the property having multiple floors and units. The decision emphasized the singular nature of the residential property for deduction purposes, clarifying that fragmentation into separate livable units on one piece of land does not disqualify the deduction claim. The Tribunal directed re-computation of the assessee's income for proportionate deduction eligibility, highlighting the importance of the statutory interpretation in determining deduction eligibility. Case-Laws Income Tax Wed, 13 Jul 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=425077