9911796707
TMI Blog2022 (2) TMI 119X X X X Extracts X X X X X X X X Extracts X X X X ..... ssed by the CIT(A) on 24-09-2020 in relation to the assessment year 2015-16. 2. The only issue raised in this appeal is against the denial of exemption u/s.54F of the Income-tax Act, 1961 (hereinafter also called 'the Act') in respect of the second unit of the house purchased by the assessee. 3. Succinctly, the facts of the case are that the assessee transferred certain property resulting into l ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e exemption was available only for one residential unit and not the two residential units purchased by the assessee. It is also not in challenge that the assessee purchased two flats, numbering, 1101 and 1102 at Malad, Mumbai, which shows that these were adjacent flats, which the assessee claimed to have purchased for use in a consolidated manner as one residential house. Section 54F of the Act, p ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nit. Since these two units are adjacent to each other and meant for use as a single property, mandate of the substituted provision, being, one residential house, is still also satisfied. The view point of the ld. CIT(A) that the amendment carried out to section 54F w.e.f. 01-04-2015 has changed the legal position, is albeit factually correct, but, in the given facts, even the amended provision com ..... X X X X Extracts X X X X X X X X Extracts X X X X
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