ITAT Kolkata Allowed ₹26.77 Section 54F Exemption Despite Joint Ownership

Saroj Goenka Vs ITO (ITAT Kolkata) Section 54F Exemption Allowed Despite Joint Ownership, Prior Construction Gifted Shares: ITAT Kolkata Grants Full Relief The Kolkata Bench of the ITAT allowed the assessee’s appeal and directed deletion of the entire addition of ₹26.77 crore by granting exemption under section 54F in respect of long-term capital gains arising from sale of shares of Emami Ltd. The Assessing Officer and CIT(A) had denied exemption on multiple grounds—(i) the assessee allegedly owned more than one residential house, (ii) construction of the new residential house had commen...