Failure to Consider Evidence Cannot Deny Section 54F/54EC Benefits: ITAT Mumbai

Nishita Vijay Mehta Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai considered cross appeals filed by both the assessee and the revenue against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] for Assessment Year 2017-18. The dispute concerned three issues: denial of exemptions under sections 54F and 54EC, denial of indexation benefit, and treatment of 50% of the sale proceeds as income from other sources. The assessee had sold 87 shares of Industrial Minerals & Chemicals Company Pvt. Ltd. (IMCCPL) for Rs. 5,80,77,423 and declared long-term capital gains ...