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2013 (12) TMI 1006 - ITAT MUMBAIOrder u/s 263 – Held that:- The property transferred by the assessee, which resulted in the impugned capital gain, was co-owned by the assessee and his wife with 50% share each. The assessee’s wife also received equal consideration and equal share in the five floors of the building – Following CIT v. Gita Duggal [2013 (3) TMI 101 - DELHI HIGH COURT] - Relief u/s 54 is available in respect of “a residential house” which should not be restricted to “a residential unit” - A person may construct a house according to his plans and requirements. He may use the ground floor for his own residence and let out the first floor having an independent entry so that his income is augmented – Following Malabar Industrial Co. Ltd. v. CIT 2000 (2) TMI 10 - SUPREME Court] - Where two views are possible and the Income-tax Officer has taken one view with which the Commissioner does not agree, it cannot be treated as an erroneous order prejudicial to the interests of the Revenue, unless the view taken by the Income-tax Officer is unsustainable in law – Decided in favour of assessee.
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