1

Commissioner (A) is not empowered to enhance income a new source of income vide 82ITR 9Trib) 176
1

It is assessee’s choice to select a method for determining FMV of shares vide 81 ITR (Trib) (SN) 78
1

No TP adjustment of trade receivables in case of a debt-free company vide 81ITR (Trib) (SN) 94
1

To accord registration as a charitable institution under income tax dominant purpose must be charitable and satisfies the conditions laid down us 2(15) vide 426ITR108 despite having non charitable ancillary objects meant to achieve the dominant purpose
1

Transactions with dubious entities is reason enough for case reopening vide 421ITR624

54F exemption is protected even in multiple ownership of residential properties

ByCA Gopal Nathani

Jun 26, 2025

On the basis of explanations regarding nature and use of various properties held by the assessee the tax officer in [2025] 173 taxmann.com 835 (Gujarat)[15-01-2024 allowed exemption u/s 54F for fresh purchase of residential property against sale of plot.

To counter argument that he held more than one residential house other than newly purchased property Dineshchandra Narharishankar Upadhyay, the assessee presented following facts for 5 properties held on the date of transfer of plot:

the property at 701, Pancham Heights flat is used by the office staff as rent free accommodation;
Flat DVFF25 is rented and occupied by the tenant;
Property 5/1203 is self-acquired property to himself;
property at 5/1208 is commercial property is used as shop by wife of the assessee;
property at 76 Saikutir is open plot.

It was, therefore, contended that the assessee has only one residential property.

Because the same is chargeable at NIL he therefore succeeded in fulfilling conditions under section 54F.

The Special Leave Petition is also dismissed by the Supreme Court in [2025] 173 taxmann.com 836 (SC).