Section 54 Exemption Allowed in Full Despite Minor Delay: ITAT Delhi

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 purchase of land and con...