No Denial of Capital Gains Deduction u/s 54 once Requisite Conditions are Met: ITAT [Read Order]

ITAT Allows Deduction u/s 54 of IT Act in a Property Purchase Case
Capital Gains Deduction - us 54 Conditions Met - ITAT - TAXSCAN

In a significant decision, the Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) overturned the findings of the Commissioner of Income Tax (Appeals) [CIT(A)] regarding the eligibility of the assessee to claim deduction under Section 54 of the Income Tax Act, 1961. The tribunal directed the Assessing Officer (AO) to recompute any capital gains,…

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