Deduction u/s 54 of Income Tax Act not available on sale of vacant plot

Bollineni Krishna Kumari Vs ITO (ITAT Hyderabad) ITAT Hyderabad held that sale of vacant plot is not eligible for deduction under section 54 of the Income Tax Act. Facts- the assessee is an individual, filed her return of income on 30.07.2013 for the AY 2013-14 admitting total income of Rs.4,88,937/- consisting of income from house property of Rs.1,02,945/-, long term capital gain of Rs.3,60,837/- and income from other sources of Rs.25,155/- and agricultural income of Rs.90,000/-. The AO finalized the assessment proceedings and has calculated the long term capital gains at Rs.63,55,216 by disa...