Exemption U/s. 54 cannot be disallowed just because exemption was claimed U/s. 54F

ACIT Vs Jai Kumar Gupta (ITAT Mumbai)

Conclusion: Deduction under section 54 was allowable on purchase of flats as merely because assessee, by ignorance of law or mistake, had claimed deduction under section 54F instead of section 54, such ignorance of law/mistake on the part of assessee could not be utilized to its disadvantage by AO.

Held: Where assessee invested the capital gain in purchase/construction of a new residential house, it was eligible to cla

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