One House, One 54 Claim: ITAT Quashes 263 Revision on Floor-Wise Sale of Residential Property

Vipul Kamal Prakash Sud Vs PCIT (ITAT Ahmedabad)

One Residential House Sold Floor-wise Still One Asset – AO Examined 54 Claim in Detail – ITAT Says 263 Not Permissible

Assessee filed return declaring total income of ₹3,03,58,490. During assessment u/s 143(3), AO examined the capital gain arising from sale of Assessee’s ½ share in a residential house sold for ₹8.59 crore. Assessee invested the entire Long-Term Capital Gain of ₹5.56 crore in a new residential property  &  claimed deduction u/s 54, which AO accepted after calling for  &  examining detai

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