https://www.taxtmi.com/caselaws?id=59583 The Tribunal held that payments made by the assessee to tenants for acquiring tenancy rights cannot be considered as the cost of acquisition or improvement for exemption under section 54F of the Income Tax Act. The Tribunal reinstated the Assessing Officer's order, allowing exemption only to the extent of Rs. 6,00,000. It was determined that the payments to tenants did not qualify as the purchase price of a residential house under section 54F, and if deemed eligible for deduction in the future, relief should be limited proportionately to the assessee's share in the property. en-us Mon, 28 Jun 2004 00:00:00 +0530 Thu, 30 Dec 2010 18:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=59583 The Tribunal held that payments made by the assessee to tenants for acquiring tenancy rights cannot be considered as the cost of acquisition or improvement for exemption under section 54F of the Income Tax Act. The Tribunal reinstated the Assessing Officer's order, allowing exemption only to the extent of Rs. 6,00,000. It was determined that the payments to tenants did not qualify as the purchase price of a residential house under section 54F, and if deemed eligible for deduction in the future, relief should be limited proportionately to the assessee's share in the property. Case-Laws Income Tax Mon, 28 Jun 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=59583