Agreement to sell coupled with possession constituted a valid transfer for Section 54

Umesh Sumanlal Shah Vs ITO (ITAT Ahmedabad) The case of Umesh Sumanlal Shah vs ITO (ITAT Ahmedabad) revolves around the allowance of deduction under Section 54 of the Income Tax Act. Umesh Sumanlal Shah filed an appeal against the CIT(A)’s decision to disallow deduction under Section 54. The case originated from the sale of an immovable property and the subsequent claim of exemption based on investment in a new residential property. The Assessing Officer (AO) and the CIT(A) had denied the deduction citing non-compliance with stamp duty and registration requirements. The appellant argued ...