ITAT allowed section 54F exemption against new residential house purchased

ITO Vs Sh. Subhash Chandra Narang (ITAT Delhi) Undisputedly, the Assessing Officer has added an amount of Rs.3,18,61,356/- as long term capital gain. The aforesaid addition is as a result of couple of disallowances, viz., disallowance of cost of improvement amounting to Rs.1,65,39,435/- and deduction claimed under section 54F of the Act towards investment in a new residential house. However, learned Commissioner (Appeals), after due inquiry and verification of the relevant facts having found that the new asset purchased by the assessee is a residential house, has allowed the claim of deduction...