ITAT Chennai Allows Appeals for Re-adjudication of Capital Gains & Deductions

K. S. Anbuselvan Vs ITO (ITAT Chennai) The case of K. S. Anbuselvan vs ITO was heard at the ITAT Chennai. The assessee, along with other family members, sold a property and claimed long-term capital gains. However, the Assessing Officer (AO) computed the capital gains differently and denied deductions claimed under section 54F of the Income Tax Act. The sole argument of the assessee was related to the timing of the assessment and the reference to the District Valuation Officer (DVO). This article provides an analysis of the case and its outcome. Analysis: The court examined the actions of the ...