https://www.taxtmi.com/caselaws?id=753464 ITAT Delhi denied exemption u/s 54F to assessee claiming investment in residential house. Revenue's inquiry with photographic evidence established that Rs. 1.84 crore was invested in urban agricultural land with existing structures, not residential property. Sub-Registrar confirmed stamp duty was charged for agricultural land and covered area, with no mention of residential house. Property was used for concrete brick manufacturing unit. Court held that 500 sq mtr shed on agricultural land cannot qualify as residential house for s.54F exemption, which requires genuine residential property investment. en-us Thu, 30 May 2024 00:00:00 +0530 Sat, 01 Jun 2024 13:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753464 ITAT Delhi denied exemption u/s 54F to assessee claiming investment in residential house. Revenue's inquiry with photographic evidence established that Rs. 1.84 crore was invested in urban agricultural land with existing structures, not residential property. Sub-Registrar confirmed stamp duty was charged for agricultural land and covered area, with no mention of residential house. Property was used for concrete brick manufacturing unit. Court held that 500 sq mtr shed on agricultural land cannot qualify as residential house for s.54F exemption, which requires genuine residential property investment. Case-Laws Income Tax Thu, 30 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753464