Exemption Denied for Second Flat Under Section 54F Due to Single-Unit Rule

Smt. C. Anuradha Vs ITO (ITAT Chennai) The assessee, an individual, filed a return of income for assessment year 2003–04 declaring ₹8,891 as long-term capital gains. The assessment was reopened under Section 148 of the Income Tax Act and completed under Section 143(3), wherein the Assessing Officer (AO) denied exemption under Section 54F. The assessee appealed, and the Commissioner of Income Tax (Appeals) [CIT(A)] granted relief. The Department appealed to the ITAT, which on 13-11-2009 remanded the matter to the AO for fresh consideration. Pursuant to the Tribunal’s directions, the AO co...