No Section 54 exemption on Gain on Sale of industrial plot of land with office-cum-residential structure

Chain Singh Mundra Vs ITO (ITAT Chandigarh)

In the instant case, the limited dispute relates to whether the assessee has transferred a residential house or not. On perusal of the Sale Deed executed by the assessee, it is noticed that what has been transferred is an industrial plot No.C-10 alongwith construction thereon situated at Sector 57-A, Focal Point, SAS Nagar, Mohali having an area of 4166.70 sq.yard. In the said Sale Deed, there is a clear mention that the assessee is the absolute owner and in possession of the said

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