ITAT denies Section 54 exemption for delay in investment in new residential property

Smt. Sita Khandelwal Vs ACIT (ITAT Lucknow) Income Tax Appellate Tribunal (ITAT) Lucknow has dismissed the appeal of Smt. Sita Khandelwal against the denial of exemption under Section 54 of the Income Tax Act. The dispute arose as the Assessing Officer (AO) disallowed the exemption, citing that the investment in the new residential property was made after the due date prescribed under Section 139(1) of the Act. The assessee had sold a jointly owned property, with her share amounting to ₹1.03 crore, and had claimed an exemption of ₹88 lakh by investing in a new property. However, as the inv...