Taxpayer's Exemption u/s 54F Denied; Notional Income from Multiple Properties Unreported, Says PCIT.

Taxpayer's Exemption u/s 54F Denied; Notional Income from Multiple Properties Unreported, Says PCIT. https://www.taxtmi.com/highlights?id=69097 Revision u/s 263 - Having found that the assessee was owner of at least 2 residential houses, we are in agreement with the twin-issues raised by Ld. PCIT i.e. (i) the exemption u/s 54F has been wrongly allowed to assessee; (ii) by not declaring notional income from properties under “Income from house property” head, there was underassessment of taxable income. - AT en-us Thu, 06 Apr 2023 18:41:21 +0530 Thu, 06 Apr 2023 18:41:21 +0530 TaxTMI RSS Generator Taxpayer's Exemption u/s 54F Denied; Notional Income from Multiple Properties Unreported, Says PCIT. https://www.taxtmi.com/highlights?id=69097 Revision u/s 263 - Having found that the assessee was owner of at least 2 residential houses, we are in agreement with the twin-issues raised by Ld. PCIT i.e. (i) the exemption u/s 54F has been wrongly allowed to assessee; (ii) by not declaring notional income from properties under “Income from house property” head, there was underassessment of taxable income. - AT Highlights Income Tax Thu, 06 Apr 2023 18:41:21 +0530 https://www.taxtmi.com/highlights?id=69097