Construction of new dwelling unit eligible for Section 54F deduction: ITAT Chennai

Shri Chandra Bhavani Sankar Vs ITO (ITAT Chennai) ITAT Chennai held that construction of new dwelling unit on first floor is eligible for deduction under section 54F of the Income Tax Act as construction was done within stipulated time limit. Facts- The RoI was selected for scrutiny under CASS, and the AO completed the assessment by making additions towards LTCG re-computed at Rs.66,53,379/-; savings bank interest Rs.20,218/- and unexplained cash credit u/s.68 of the Act Rs.59,90,000/-. Aggrieved, the assessee preferred an appeal before CIT(A), wherein, he agitated only two issues i.e. (i) dis...