TaxTMI 
TaxTMI 
2017 (5) TMI 1310
X X X X Extracts X X X X
X X X X Extracts X X X X
....s erroneous both on facts and in law to the extent it is prejudicial to the assessee. 2. The learned CIT(A) erred in holding that deduction u/s.54 is available only for one flat in spite of bringing to notice the decision in the case of Anand Basappa of Karnataka High Court and that of the Hyderabad I.T.A.T., in the case of Conjeevaram Krishnan and not even stating such submissions having been made and thereby erred in not allowing deduction u/s.54 in respect of all the four flats." 2. As per the grounds of appeal, the subject matter in this appeal is with regard to allowance of deduction u/s 54, which was rejected by the revenue authorities. 3. Briefly the facts of the case are that the appellant individual filed his return ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....assed that the issue in dispute is squarely covered by the decision of the coordinate bench of this Tribunal in the case of Late K. Jaipal and others in ITA No. 1188/Hyd/2015 and others dated 20th November, 2015. A copy of this order has been placed on record. 7. Ld. DR on the other hand neither controverted the submission of the ld. AR nor brought any contrary decision in this regard. 8. We have considered the rival submissions and perused the material facts on record. We find that the issue in dispute is squarely covered by the decision of the coordinate bench of this Tribunal (supra), wherein the Bench has observed as under: "7. We have considered the issue and perused the various orders placed on record. The dispute is wh....
X X X X Extracts X X X X
X X X X Extracts X X X X
....fter in this section referred to as the original asset), and the assessee has, within a period of one year before two years after the date on which the transfer took place purchased, or has within a period of three years after that date constructed, a residential house (hereafter in this section referred to as the new asset), the capital gain shall be dealt with in accordance with the following provisions of this section, that is to say,-- (a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45: (b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... it very clear that the benefit of Section 54F of the Income Tax Act will be applicable to constructed, one residential house in India and that clarifies the situation in the present case, i.e, post amendment, viz., from 01.04.2015, the benefit of Section 54F will be applicable to one residential house in India. Prior to the said amendment, it is clear that a residential house would include multiple flats/residential units as in the present case where the assessee has got five residential flats. We may also mention here that all the Authorities below have clearly understood that the agreement signed by the assessee with M/s.Mount Housing Infrastructure Ltd., is that the assessee will receive 43.75% of the built-up area after development, wh....
X X X X Extracts X X X X
X X X X Extracts X X X X
..... The jurisdictional High Court in the case of CIT V/s. Vittal Krishna Conjeevaram (supra), following the decision in the case of CIT V/s. Syed Ali Adil (supra) and the decision of the Delhi High Court in the case of CIT V/s. Gita Duggal (supra) dismissed the appeal of the Revenue, confirming the order of the ITAT. The above judgments lay down a principle that merely because a residential house consists of several independent residential units, deduction under S.54/S.54F could not disallowed. Respectfully following the decision of the Hon'ble jurisdictional High Court in the case of CIT V/s. Syed Ali Adil (supra) as approved in the case of CIT V/s. Vittal Krishna Conjeevaram (supra) and the principles laid down by the Hon'ble High C....