Exempion u/s 54 ::

Court :
HC

Brief :
Held by hon"ble court that tin shed could not be considered as a residential house as it did not have any boundary wall, kitchen etc.Also it didn"t have any electricity or water connectioin. As such assessee was not entitled to exemption on sale of the plot u/s 54.

Citation :
Dr. A. S. Atwal Vs. C.I.T

Exempion u/s 54 Dr. A. S. Atwal Vs. C.I.T 2/10/2005 (2005) 146 Taxman171(Pun.& HR.) Case Fact: Whether sale of a plot on which a tin shed stood which assessee claimed to have been used for residential purposes, would be eligible for exemption u/s 54. Decision: Held by hon"ble court that tin shed could not be considered as a residential house as it did not have any boundary wall, kitchen etc.Also it didn"t have any electricity or water connectioin. As such assessee was not entitled to exemption on sale of the plot u/s 54.

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Judgement posted by

CA.Saibaburao Nanduri

Chartered Accountant

I am a commerce graduarte of Andhra University. Studied at HINDU COLLEGE, Guntur. Became FCA and started Practice under the name and style of M/s SAIBABU RAO CO I became Chairman of CA Institute, Guntur Branch, during the year 2008-09 My post qualifications are: Information Systems Audit DISA (ICAI) ... Read more

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