ITAT allows Section 54F Exemption to Actor Sanjay Dutt

Sanjay S. Dutt Vs ACIT (ITAT Mumbai) The solitary issue urged in the present appeal by the ld. Representative for the assessee is with regard to assessee’s claim of exemption under section 54F of the Act. Undisputedly, the assessee was joint owner of property having 27% share. The 73% share in property was that of assessee’s father.We find that the issue of exemption under section 54F of the Act had cropped up in the appeal of assessee’s father before the Tribunal in ITA No.2972/Mum/2012. The Co-ordinate Bench decided the issue in favour of the assessee by observing as under: “23. With...