Section 54F Exemption denied for delay in Construction Beyond Statutory Timeline

Smt. Lekha Reddy Mettu Vs ACIT (ITAT Hyderabad) In the case of Smt. Lekha Reddy Mettu vs. ACIT (ITAT Hyderabad), the Tribunal addressed appeals filed against the assessment orders for the Assessment Year 2017-18. The case arose from a property transaction where the assessee, a non-resident individual, was part of a Joint Development Agreement (JDA) involving 46 owners for land development and sale. Based on the JDA, the assessee’s share of the deemed sale consideration was calculated at ₹64,57,000 under Section 50C of the Income Tax Act, 1961. The income was not declared in the tax ret...