ITAT Denies Section 54F Exemption for Mother’s Property

Ashok Kumar Vs ITO (ITAT Delhi) ITAT Upholds Denial of Capital Gains Exemption for Property in Mother’s Name; Unexplained Cash Deposits Addition Sustained In a recent ruling, the Income Tax Appellate Tribunal (ITAT), Delhi Bench, has dismissed an appeal filed by Ashok Kumar for the assessment year 2015-16. The tribunal upheld the Commissioner of Income Tax (Appeals)’s (CIT(A)) decision to deny the assessee the benefit of deduction under Section 54F of the Income Tax Act, 1961, and sustained an addition for unexplained cash deposits. The core of the ruling on Section 54F emphasizes ...