Income Tax Appellate Tribunal (ITAT), Chennai bench allowed deduction under section 54F of the Income Tax Act,1961 when apartments sanctioned for residential purposes were let out as service apartments. The assessee, Mr D.Ravikumarderives income from house property apart from remuneration and interest income from M/s.Saidapet Electricals. The assessee sold the property for consideration of Rs.40…
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