Taxpayer fails to Construct Residential House within Prescribed Time: ITAT disallows Section 54 Deduction under Income Tax Act [Read Order]

The assessee had not constructed the residential house within the prescribed time and in fact had not constructed a residential house at all on or before 25.09.2017 which could be construed as a residential house, habitable for its dwelling
ITAT Delhi - ITAT disallows Section 54 - Income Tax Act - Taxpayer Fails to Construct Residential House - taxscan

In a recent ruling, the Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) disallowed the claim of deduction under Section 54 of the Income Tax Act,1961, because the taxpayer failed construct a residential house within the prescribed time. The issue to be decided was whether the assessee would be eligible for claiming…

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