ITAT Mumbai Allowed Section 54F Claim in Appeal although Not Made in Return

Dollar Chunilal Modi HUF Vs ITO (ITAT Mumbai) Section 54F Claim Can Be Raised in Appeal: ITAT Mumbai Restores Exemption Claim on Sale of Depreciable Asset The Mumbai ITAT (SMC Bench) allowed the assessee’s appeal for statistical purposes for AY 2013-14, holding that a Section 54F exemption claim cannot be rejected merely because it was not made in the original return. The AO had taxed ₹25.59 lakh as short-term capital gains under Section 50 on sale of a depreciable asset and denied Section 54F relief on the ground that the claim was not made in the return and documentary evidence was insuf...