Exemption u/s. 54 granted as amount utilized within extended time under TOLA

Kavita Manoj Damani Vs ITO (ITAT Mumbai)

ITAT Mumbai held that denial of exemption under section 54 of the Income Tax Act on account of non-utilization of consideration not justified as utilization done within extended time limit for making the investment under the TOLA. Accordingly, exemption u/s. 54 granted and appeal allowed.

Facts- Assessee has preferred the appeal mainly contesting that CIT(A) has erred in upholding the finding of the Assessing Officer that the real / economic /deemed owner of the property (Flat No. 402A/402B, Glen Classic CHS, Hiranand

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