Commercial Label in Sale Deed Not Enough to Deny Section 54 Relief: ITAT Delhi

Advertisement Raj Krishan Gupta Vs ACIT (ITAT Delhi) The Income Tax Appellate Tribunal (ITAT), Delhi, partly allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2015-16. The appeal involved denial of deduction under Sections 54/54F, addition under Section 56(2)(vii), and disallowance of indexed cost of acquisition. The assessee had filed his return declaring income of ₹91.58 lakh. The case was selected for limited scrutiny due to a mismatch relating to capital gains on the sale of land or building and increase in capital. Durin...