ITAT Cochin denies Section 54F Deduction for Violation of Construction Timeline

Geroge Dominic Vs ACIT (ITAT Cochin) The Income Tax Appellate Tribunal (ITAT), Cochin Bench, recently delivered a split verdict in the appeal filed by assessee George Dominic against the order of the Commissioner of Income Tax (Appeals)-II, Kochi, for the assessment year 2007-08. The Tribunal addressed two primary issues: the assessee’s entitlement to deduction under Section 54F of the Income Tax Act, 1961, and the reduction of declared agricultural income with a consequential assessment of the reduced amount as income from other sources. While the ITAT upheld the disallowance of the Sec...