Exemption Under Section 54F Allowed Despite Technical Non-Compliance

Goverdhan Singh Shekhawat Vs ITO (ITAT Jaipur) In a significant judgment, the Income Tax Appellate Tribunal (ITAT) Jaipur Bench has ruled in favor of Goverdhan Singh Shekhawat, a farmer, in his appeal against the order of the CIT(A)-II, Jaipur, for Assessment Year 2009-10. The Tribunal deleted the major addition of ₹3,42,31,397/- made on account of Long Term Capital Gain (LTCG) by denying exemption under Section 54F of the Income Tax Act, 1961. The ITAT’s decision considered the assessee’s genuine efforts to comply with the law, the bank’s misrepresentation, and the impact of a dep...