9911796707
TMI Blog2014 (1) TMI 298X X X X Extracts X X X X X X X X Extracts X X X X ..... has not given any basis or evidence for treating property No.805, Barakhamba Road, Connaught Place to be a residential house - The appellant had only one residential house property - Decided against Revenue. X X X X Extracts X X X X X X X X Extracts X X X X ..... dential plot and not a residential house. With regard to the other objection, it is stated by the learned counsel that apart from one residential house and the plot which was sold by the assessee, the assessee was having a business/commercial property at Barakhamba Road, Connaught Place which was leased to M/s Privy Consulting Pvt.Ltd. who was using the same for business and commercial purposes. Thus, the assessee was not having more than one residential house. He, therefore, submitted that the order of learned CIT(A) should be sustained and the Revenue's appeal should be dismissed. 5. We have carefully considered the arguments of both the sides and perused the material placed before us. The Assessing Officer had rejected the assessee's cl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... if situated in a colony meant for development of residential houses can be treated as a residential house. The word residential has been explained by the Hon'ble Supreme Court as reproduced above. As per Webster's New Collegiate dictionary 'residential' means used as a residence or residences. In view of the Supreme Court's judgment as mentioned above, a residence means a place where one resides, residential means used or designed as a residence or for occupation as a residence. Therefore a residential plot cannot be included in the definition of a residential house property as it cannot be used for residence. Therefore, section 54F was applicable to the appellant's case and the A.O. had erred in denying the exemption to the appellant u/s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... both the sides and the facts of the case, we do not find any infirmity in the above finding of the learned CIT(A). A plot in a residential colony can be a residential plot but cannot be said to be a residential house. Similarly, property No.805, Barakhamba Road, Connaught Place which is let out by the assessee to M/s Privy Consulting Pvt.Ltd. and used for commercial purposes by them cannot be presumed to be a residential house. The Assessing Officer has not given any basis or evidence for treating property No.805, Barakhamba Road, Connaught Place to be a residential house. In view of the above, we do not find any justification to interfere with the order of learned CIT(A). The same is sustained and the Revenue's appeal is dismissed. 7. In ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
