Section 54F deduction cannot be denied for subsequent letting of property for commercial use

CIT Vs Ramesh Shroff (Madras High Court) The issue under consideration is whether deduction u/s 54F can be denied for the reason that assessee had later on let out new property for commercial purpose to run restaurant? High court states that with regard to the eligibility of the assessee to claim deduction under Section 54(F) of the Act, the Tribunal, in our view, rightly, took note of the certificate issued by the Executive Engineer, Greater Chennai Corporation, showing that the building is situated in primary residential zone and the building plan has been sanctioned for residential purpose ...