Denial of Section 54F Deduction Due to Late Registration Date Is Unjustified

Advertisement ACIT Vs Siva Jyothi Palam (ITAT Visakhapatnam) ITAT Visakhapatnam held that denial of deduction under section 54F of the Income Tax Act merely because date of registration was beyond the stipulated period as entire consideration paid within the stipulated period. Facts- The case of the assessee was selected for scrutiny under CASS. During the assessment proceedings, AO noticed that the assessee sold vacant land at Gollapudi, Vijayawada for a consideration of Rs. 5,40,31,000/-. Further, the assessee has also purchased a house property at Chennai for a consideration of Rs. 6,06,...