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Capital Gain Exemption cannot be allowed as No Property Purchased/Constructed within stipulated period U/S 54F: ITAT [Read Order]

By Jwala K.P - On May 14, 2022 5:11 pm

The Pune Bench Income Tax Appellate Tribunal ( ITAT ) has held that capital gain exemption cannot be allowed as no property purchased or constructed within the stipulated period U/S 54F. The assessee, Asha BhausahebThube, with five others have entered into the transaction of sale of immovable property for the total consideration of Rs.12,50,00,000/- and…

Asha BhausahebThube vs Income Tax Officer

Counsel for Appellant:   Shri Kishore B Phadke

Counsel for Respondent:   Shri S.P.Walimbe

CITATION:   2022 TAXSCAN (ITAT) 476