ITAT restricts section 54 deduction to one floor of residential house

Mohamed Ibrahim Vs ITO (ITAT Chennai) ITAT Chennai held that deduction under section 54 of the Income Tax Act restricted to only for one floor (3rd floor) as assessee failed to establish that two floors (3rd and 4th floor) is one residential house. Facts- In the assessment order, AO has noted that the assessee had sold two immovable properties, one at value of ₹.23,00,000/- and another at ₹.1,91,52,500/-, vide two different sale deeds dated 10.04.2014. Subsequently, the assessee has purchased property at Vepery High Road, Chennai for a total consideration of ₹.2,40,00,000/- vide purchase...