Section 54 Exemption not eligible on Sale of Open Land Without Building: ITAT Allahabad

Suchitra Tandon Vs ACIT (ITAT Allahabad) The land sold without the building will not be considered as ‘residential property’. Hence, the provisions of section 54 of the Act are not applicable, appeal allowed in favour of the Department Learned Counsel for the assessee, during the course of hearing in Income Tax Appellate Tribunal, submitted that the CIT(A) has wrongly observed that the land sold was adjacent land and not residential only because it was mentioned as ‘open land’ in the sale deed and the land sold without building is not residential property and is not eligible fo...