The assessee is  a resident of USA, sold certain immovable properties and claimed exemption under section 54F. The AO denied the exemption .CIT(A) allowed the exemption. On appeal by the Revenue the Tribunal held that   since  the assessee was a co-owner of a property situated in USA where assessee habitually resided and had also disclosed address of said property in its passport, assessee was not entitled to benefit of deduction under section 54F as assessee owned more than one residential house at time of transfer of original asset. The Tribunal also held that, the provisos (a) and (b) to s.54F, makes it clear that if the assessee owns more than one residential house other than the new asset on the date of transfer of an original asset, the benefit of deduction u/s. 54F cannot be availed by the assessee.(AY. 2011-12)