https://www.taxtmi.com/caselaws?id=303636 The Tribunal allowed the appellant's appeal, permitting deductions under Section 54 of the Income Tax Act for investments in two separate house properties located in different areas within the same city. The decision clarified that the term "residential house" could include multiple houses and that the amendment by the Finance Act, 2014, applied prospectively. The appellant successfully argued for deductions for both properties, contrary to the Assessing Officer's initial disallowance for the second property, resulting in a net capital gain assessment. en-us Mon, 03 Feb 2020 00:00:00 +0530 Tue, 02 Aug 2022 20:55:20 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=303636 The Tribunal allowed the appellant's appeal, permitting deductions under Section 54 of the Income Tax Act for investments in two separate house properties located in different areas within the same city. The decision clarified that the term "residential house" could include multiple houses and that the amendment by the Finance Act, 2014, applied prospectively. The appellant successfully argued for deductions for both properties, contrary to the Assessing Officer's initial disallowance for the second property, resulting in a net capital gain assessment. Case-Laws Income Tax Mon, 03 Feb 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=303636