ITAT Restores Section 54G Exemption Case Over Rejected Additional Evidence

Rajeshri Omprakash Malviya Vs ITO (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad addressed an appeal filed by Rajeshri Omprakash Malviya against the order passed by the Commissioner of Income Tax (Appeals) [CIT(A)] concerning the Assessment Year 2014-15. The primary grievance of the assessee, as outlined in the grounds of appeal, was the CIT(A)’s upholding of the Assessing Officer’s (AO) disallowance of an exemption claimed under Section 10(37) of the Income Tax Act, 1961, amounting to Rs. 1,27,21,724. This disallowance was linked to a Long Term Capital Gain (L...