Flat Received on Tenancy Surrender Not Taxable U/s. 56(2)(x) & Section 54F Exemption allowed

ITO Vs Varun Jaisingh Asher (ITAT Mumbai) The appeal before the ITAT Mumbai was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] dated 16.09.2025 for Assessment Year 2020–21. The dispute originated from the assessment order passed under Sections 143(3) read with 144B of the Income Tax Act on 28.09.2022. The assessee, an individual engaged in business as a commission agent in chemical distribution, had declared total income of Rs. 4,87,280/- and claimed exemption under Section 54F amounting to Rs. 11,68,89,000/-. The exemption was claimed in respect ...