No Section 54F Deduction on LTCG Without Proof of House Construction: ITAT Pune

Mahadev Dasu Jadhav Vs ITO (ITAT Pune) ITAT Pune order on LTCG – denial of benefit of deduction u/s 54F – as per AO there was no evidence proving the house is actually constructed within the time prescribed therein Brief facts: the assessee is an individual filed return of income declaring total income at Nil. According to Assessing Officer, an information gathered that the assessee has sold a plot comprising 50R at Khadgaon, Latur for a consideration of Rs. 17,26,000/- on 18.01.2007. A notice u/s 148 was issued asking the assessee to file copy of return of income, bank account ext...