https://www.taxtmi.com/caselaws?id=38112 The High Court held that Section 54 of the Income-tax Act 1961, providing relief for capital gains tax on residential properties, applies to individuals and not entities like co-operative societies. The Court emphasized that the provision aims to benefit residential properties occupied by individuals based on specific conditions, excluding juridical persons. As the buildings in question were used for business purposes, not residential use, the co-operative society was deemed ineligible for the benefit. The Tribunal's decision was upheld, with each party bearing their own costs. en-us Fri, 21 Apr 1978 00:00:00 +0530 Sat, 03 Apr 2010 12:28:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=38112 The High Court held that Section 54 of the Income-tax Act 1961, providing relief for capital gains tax on residential properties, applies to individuals and not entities like co-operative societies. The Court emphasized that the provision aims to benefit residential properties occupied by individuals based on specific conditions, excluding juridical persons. As the buildings in question were used for business purposes, not residential use, the co-operative society was deemed ineligible for the benefit. The Tribunal's decision was upheld, with each party bearing their own costs. Case-Laws Income Tax Fri, 21 Apr 1978 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=38112