Section 54F Deduction 54F Allowed on Capital Gain from Tenancy Right Surrender: ITAT Mumbai

Vasant Nagorao Barabde Vs DCIT (ITAT Mumbai) ITAT Mumbai held that in the present case there is a surrender of tenancy rights against which a new flat has been allotted. Thus, deduction u/s. 54F admissible against the capital gain so computed on surrender of tenancy right. Facts- Case of the assessee was selected for limited scrutiny for the reason of purchase value of property less than the value as per stamp authority. AO noted that assessee had purchase a property. According to assessee the consideration paid for the purchase of property is NIL and the stamp duty value is Rs.2,88,85,600/-. ...