Section 54 Exemption Allowed Without Registration Due to Possession & Payment

ITO Vs Anju Madhan (ITAT Delhi) The appeal before the Tribunal was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2016–17. The central issue concerned the assessee’s claim of exemption under Section 54 of the Income-tax Act, 1961, in respect of long-term capital gains arising from the sale of property. The assessee, along with her husband, had originally purchased a property in Greater Kailash, New Delhi. Over the years, the assessee incurred expenditure on improvements and constructed additional floors. During the relevant assessment...