ACIT, MANGALORE vs. SRI. J. KRISHNA PALEMAR, MANGALORE

In the result, the appeal filed by the revenue is partly allowed for statistical purposes

Bench: Shri N.V. Vasudevan & Shri Arun Kumar Garodiaassessment Year :2011-12

house property purchased by the assessee as per the purchase deed is not a residential property. (8) Based on the facts and circumstances of the case, the Ld.CIT(A) ought to have appreciated that the use of residential property for any other purpose does not make the property as non residential. Hence the proviso to section 54F