ITAT Accepts Late Section 54F Claim, Directs AO to Verify & Grant Exemption

Bharat Jaswantlal Bhatt Vs ITO (ITAT Surat) The Income Tax Appellate Tribunal (ITAT) Surat addressed an appeal concerning the reassessment of capital gains for the assessment year 2012-13, in the case of Bharat Jaswantlal Bhatt vs. ITO. The core issue stemmed from the Assessing Officer’s (AO) decision to impose tax on the full value of a property, as determined by the Stamp Valuation Authority, rather than consid-ering the taxpayer’s actual 30% ownership share and the actual sale consideration. The taxpayer had sold the property for Rs. 60,27,000, while the stamp duty valuation was...