ITAT Bangalore Remands Section 54 Exemption Case for Review

Manoj Kumar Ekambaram Arcot Vs ACIT (ITAT Bangalore) The Income Tax Appellate Tribunal (ITAT) Bangalore reviewed an appeal by Manoj Kumar Ekambaram Arcot regarding the denial of exemption under Section 54 of the Income Tax Act for the assessment year 2015-16. The case was initially scrutinized due to large deductions claimed under multiple sections, but the assessee failed to respond to notices, leading to an addition of ₹72,14,370. Despite later submitting a sale agreement, the lack of supporting documents led to the rejection of the exemption claim. The CIT(A) upheld the assessment order i...