Exemption u/s 54F of Income Tax Act not allowable for 500 sqm Shed on Agricultural Land: ITAT [Read Order]

The Income Tax Exemption has been denied for Investment in Non-residential Land
ITAT - ITAT delhi - income tax - Income Tax Act - Agricultural Land - Section 54F of the Income Tax Act - non-residential property - capital assets - taxscan

The Delhi Bench of the Income Tax Appellate Tribunal (ITAT) rejected a claim for exemption under Section 54F of the Income Tax Act, as the exemption from sale of capital assets were claimed in the guise of reinvestment in a non-residential property. The case involved the sale of agricultural land with a small building by…

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