Exemption u/s 54F available towards purchase of residential property one year before the sale of capital asset

Akshay Janak Shah Vs CIT (ITAT Mumbai)

ITAT Mumbai held that purchase of residential property within specified period of one year before the sale of capital asset (commercial property) is allowable as exemption under section 54F of the Income Tax Act 1961.

Facts- During the assessment proceedings, AO noted that the Appellant had sold his 50% share along with the other joint owner in the commercial property being office premises (bearing No. FW3150) at Bharat Diamond Bourse

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