Deduction u/s 54F not eligible as more than one residential property already owned

Surendra Babu Vs DCIT (ITAT Hyderabad) ITAT Hyderabad held that benefit of deduction under section 54F not eligible as the assessee owns more than one residential property on the date of transfer of the capital asset other than the new asset acquired. Facts- The Pr. CIT initiated proceedings u/s 263 of the I.T. Act on the ground that AO has allowed the claim of deduction u/s 54F without proper verification of the facts in the wake of assessee’s contention that some of the properties were given on rent and hence commercial in nature. Accordingly, AO asked the assessee to explain as to why ded...