Deduction u/s. 54F admissible even is sale deed executed after period of two years

DCIT Vs Kruti Lalitkumar Jain (ITAT Pune)

ITAT Pune held that deduction under section 54F of the Income Tax Act admissible even if assessee is shareholder in developing company and sale deed has been executed after a period of two years. Accordingly, appeal of revenue dismissed.

Facts- During the course of assessment proceedings AO noted that the assessee has shown sale consideration of Rs.10 crores on which long term capital gain has been computed at Rs.6,55,84,209/- after deducting the indexed cost of acquisition of Rs.3,07,79,191/- and sales expenses of R

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