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Section 54 Exemption Allowed in Full Despite Minor Delay: ITAT Delhi
Case Law Details
- Case Name
- Azizul Ghani Vs ITO (ITAT Delhi)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2015-16
- Courts
- All ITAT, ITAT Delhi
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Azizul Ghani Vs ITO (ITAT Delhi)
Section 54 Exemption Allowed in Full Despite Minor Delay: ITAT Delhi Grants Relief for Purchase & Construction under Collaboration Agreement
The Delhi Bench of the ITAT allowed the appeal of Azizul Ghani (AY 2015-16) and granted full exemption under section 54, reversing the orders of the Assessing Officer and NFAC which had restricted the exemption to ₹35 lakh against the assessee’s claim of ₹7.01 crore.
The assessee had sold a residential property on 12.09.2014 for ₹7.20 crore and entered into a collaboration agreement for purchas...
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