Deduction u/s 54F on more than one residential flats received by virtue of a development agreement is allowable

Learned Counsel for the assessee submitted that by virtue of various decisions of the Tribunal and also the jurisdictional High Court in the case of Shri Syed Ali Adil (352 ITR 0418) and also the decision of the Hon’ble Madras High Court in the case of CIT vs.V.R. Karpagam (373 ITR 0127) and the Hon’ble Karnataka High Court in the case of CIT vs.Smt. K.G. Rukminiamma (331 ITR 0211), the assessee was entitled to deduction u/s 54F of the Act in respect of more than one residential flats received by virtue of a development agreement. We find that

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