ITAT Ahmedabad Allows Section 54 Exemption on Habitable Expenses

Shriniwas R. Desai Vs ACIT (OSD) (ITAT Ahmedabad) The Income Tax Appellate Tribunal (ITAT) Ahmedabad, in a consolidated order, dealt with two appeals filed by the assessee, Shri Shriniwas R. Desai, for the Assessment Year (A.Y.) 2007–08. The first appeal (ITA No.1245/Ahd/2010) related to the quantum of exemption claimed under Section 54 of the Income Tax Act, 1961, while the second appeal (ITA No.2432/Ahd/2010) concerned the levy of penalty under Section 271(1)(c) of the Act. Both orders of the Commissioner of Income Tax (Appeals) [CIT(A)] were under challenge. Quantum Appeal (ITA No.1245/Ah...