https://www.taxtmi.com/caselaws?id=753178 ITAT Chennai held that an assessee cannot claim deduction under Section 54 for reinvestment in multiple residential properties, as the amended law specifies "one residential house." The assessee purchased two distinct properties in his wife's name, making him ineligible for the deduction. However, the tribunal remanded the matter regarding additional construction costs of Rs. 40 lakh paid to builders, as the assessee provided bank statements and bills as evidence that were not considered by the AO. The appeal was partly allowed for statistical purposes. en-us Wed, 10 Apr 2024 00:00:00 +0530 Mon, 27 May 2024 18:06:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753178 ITAT Chennai held that an assessee cannot claim deduction under Section 54 for reinvestment in multiple residential properties, as the amended law specifies "one residential house." The assessee purchased two distinct properties in his wife's name, making him ineligible for the deduction. However, the tribunal remanded the matter regarding additional construction costs of Rs. 40 lakh paid to builders, as the assessee provided bank statements and bills as evidence that were not considered by the AO. The appeal was partly allowed for statistical purposes. Case-Laws Income Tax Wed, 10 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753178