Purchase of four shops and one room doesn’t qualify for exemption u/s. 54: ITAT Agra

Alauddin Vs ITO (ITAT Agra) ITAT Agra held that property purchased, being four shops at ground floor and one room at first floor, was predominantly commercial in nature and hence disqualifies for exemption under section 54 of the Income Tax Act. Hence, appeal dismissed. Facts- Post re-assessment proceedings, AO held that the second property consisting of 4 shops on ground floor and one room on the top floor purchased by the assessee for the consideration of Rs.28,00,000/-, cannot be treated as residential house property for the purpose of claiming deduction u/s. 54 of the Act. CIT(A) dismissed...