High Court of Karnataka Allows Revenue's Appeal in Income Tax Case — Section 54(1) Exemption Limited to One Residential House. The court held that the expression 'a residential house' in Section 54(1) of the Income Tax Act, 1961 means only one residential house, and thus the assessee is not entitled to exemption for purchase of two houses.
18 Dec 2013The Revenue filed an appeal under Section 260-A of the Income Tax Act, 1961 against the order of the Income Tax Appellate Tribunal (ITAT) which had he...
