ITAT Allows Section 54F Deduction as Demolished Property Was Not Habitable

DCIT Vs Vijay Hathising Shah (ITAT Ahmedabad) Summary : In this case, the Revenue challenged the order passed by the Commissioner of Income Tax (Appeals), who had allowed deduction under Section 54F of the Income Tax Act for Assessment Year 2015-16. The assessee had filed a return declaring total income of Rs.16.43 crore, including Long Term Capital Gain of Rs.15.85 crore. The return was originally accepted under Section 143(3). Subsequently, revision proceedings under Section 263 were initiated. During the relevant year, the assessee, along with co-owners, sold two non-agricultural lands situ...