Newly Purchased Asset was found as Residential Property on Physical Inquiry: ITAT allows Capital Gain Exemption [Read Order]

Newly Purchased Asset - Residential Property - Physical Inquiry - ITAT - Capital Gain Exemption - Taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption shall be allowed since it was found on physical inquiry that the new asset purchased is a residential property under section 54 of the Income Tax Act, 1961. After scrutiny of the returns filed by the assessee, the…

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