New Dwelling Unit on First Floor of Existing House: ITAT Allows Section 54F Deduction

Kethsial Justin Vs ITO (ITAT Chennai)

In the case of Kethsial Justin Vs ITO, the Income Tax Appellate Tribunal (ITAT) Chennai allowed the assessee’s appeal for a deduction of ₹30,03,000 under Section 54F of the Income Tax Act, 1961. The assessee, who is the Managing Director of Eden Leather Manufacturing & Exports Pvt. Ltd., had claimed this deduction for the capital gains from the sale of a property, which she reinvested in constructing a new floor on her existing residential house. Both the Assessing Officer (AO) and the Commissioner of Income Tax (Appeals) [

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