Section 54F Deduction available on reinvestment in twin residential units

Advertisement Arunkumar Purshotamlal Khanna Vs PCIT (ITAT Pune) Held that a residential house for the purpose of section 54F(1) deduction can indeed cover multiple units in same or different towers or residential blocks Facts- The main issue in the present case is that the assessee claimed reinvestment of his LTCG u/s. 54F in respect of the purchase of twin residential units. Notably deduction was allowed in the regular assessment u/s 143(3). However, PCIT sought to invoke its 263 revision jurisdiction on the ground that the above stated regular assessment was an erroneous one causing preju...