Exemption u/s. 54(1) admissible even when sale proceeds used for purchase of multiple residential house

Krishnagopal B. Nangpal Vs DCIT (Bombay High Court) Bombay High Court held that the expression ‘a residential house’ in unamended Section 54(1) of the Act includes more than one residential house. Thus, sale proceeds of one residential house used for purchase of multiple residential house qualifies for exemption u/s. 54(1). Facts- The Assessee has filed the present appeal under provisions of Section 260 (A) of the Income Tax Act, 1961 (the Act) challenging the judgment and order dated 7th March 2003, passed by Income Tax Appellate Tribunal, Pune Bench dismissing his Appeal to the extent of...