House’ Refers to Single Residential Unit for Section 54 Deduction: ITAT Chennai

Shri Srikanth Vs ITO (ITAT Chennai)

In the case of Shri Srikanth Vs. ITO, as adjudicated by the Income Tax Appellate Tribunal (ITAT) Chennai, the central issue revolved around the eligibility of the assessee for deduction under Section 54 of the Income Tax Act, 1961 (the Act), concerning reinvestment of capital gains from the sale of an original asset, specifically a residential property. The appeal by the assessee was directed against the order of the Commissioner of Income Tax (Appeals) [CIT(A)] dated 25.05.2023, pertaining to the assessment framed by the Assessing Officer (AO) u

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