Additional Evidence Leads to Remand of Section 54F Farmhouse Dispute

Ameetsingh Ajitsingh Rajpal Vs DCIT (ITAT Pune) Farmhouse vs Residential House Dispute – Additional Evidence Admitted- Pune ITAT Remands 54F Claim Assessee, engaged in real-estate business, filed return at Nil. Assessment u/s 143(3) resulted in additions including denial of deduction u/s 54F amounting to Rs.92,85,214/-. AO held that investment was not made in a “residential house” but in a farmhouse. CIT(A)/NFAC deleted additions relating to interest & unsecured loans u/s 68, but upheld the denial of 54F exemption. Before Tribunal, Assessee argued that the authorities below erred...