Exemption Under Section 54F Allowed Even If Claimed Post section 148 notice

Satyanarayana Viswanadha Vs ITO (ITAT Visakhapatnam) The Income Tax Appellate Tribunal (ITAT) Visakhapatnam recently ruled on a case where the assessee sought exemption under Section 54F of the Income Tax Act, even though the claim was not initially made in the return of income but instead in response to a notice under Section 148. The assessee, an individual receiving pension, had entered into a development agreement for constructing apartments. While the return for the assessment year (AY) 2012-13 did not initially include the claim for exemption, the assessee later filed a return in respons...