Denial of deduction u/s 54 for mere technical breach is unjustified

ITO Vs Arun Gupta (ITAT Chennai) ITAT Chennai held that benefit of deduction under section 54 of the Income Tax Act cannot be denied for mere technical breach when the assessee has satisfied all the prescribed conditions. Facts- During the financial year, the appellant along with his siblings sold a residential property on 23.03.2016 for a consideration of Rs. 2,84,00,000/- and received total consideration of Rs. 3,50,00,000/- in his bank account which includes his share of consideration and consideration of his siblings. The assessee has computed LTCG from sale of property and claimed exempti...