The assessee is an individual , claimed deduction under section 54F of the income -tax Act . The Assessing Officer disallowed the exemption on the ground that the assessee owned interest in more than one residential properties and therefore, he was not entitled for deduction u\/s 54F of the Act. The \u00a0Assessing Officer relied on the decision in \u00a0M.J. Siwani v. CIT [2015] 53 taxmann.com 318 ( Karn)( HC)) . \u00a0On appeal, the \u00a0CIT(A) upheld the finding of the Assessing Officer. On further appeal the Tribunal held that\u00a0 the assessee is eligible for deduction \u00a0relied on Ashok G Chauhan v. ACIT (TAT Mumbai A Bench) ITA No 1309\/Mum\/2016 ,\u00a0 DCIT v. \u00a0Shri Dawood Abdulhussain Gandhi (ITAT “F’ Bench Mumbai ITA No 3788\/Mum\/2016,\u00a0\u00a0 ITO\u00a0 v. Rasiklal N Satra [TAT \u201cA \u201c Bench Mumbai (98 ITD 0335\u00a0 and the Judgement of Madras High Court in Dr. P.K. Vasanthi Rangarajan v. CIT (2012) 252 CTR 336. ( Mad)( HC)\u00a0 .The Tribunal \u00a0also held that when there are conflicting decisions of High Courts the view in favour of the assessee has to be taken .\u00a0 CIT v. Vegetable Products Ltd. 88 ITR192. ( SC) . Accordingly the appeal of the assessee was allowed . ( ITA 545\/M\/2023 dt .22-5 -2023 )( AY. 2016 -17 )<\/p>\n","protected":false},"excerpt":{"rendered":"
S.54F : Capital gains- Investment in a residential house \u2013 Co -owner of more than one house \u2013 Eligible for deduction- Precedent – When there are conflicting decisions of High Courts the view in favour of the assessee has to be followed . [ S. 45 ,54 ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-34914","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-958","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34914","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=34914"}],"version-history":[{"count":4,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34914\/revisions"}],"predecessor-version":[{"id":45380,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/34914\/revisions\/45380"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=34914"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=34914"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=34914"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}