ITAT Cochin denies Section 54F Deduction for Violation of Construction Timeline

Geroge Dominic Vs ACIT (ITAT Cochin)

The Income Tax Appellate Tribunal (ITAT), Cochin Bench, recently delivered a split verdict in the appeal filed by assessee George Dominic against the order of the Commissioner of Income Tax (Appeals)-II, Kochi, for the assessment year 2007-08. The Tribunal addressed two primary issues: the assessee’s entitlement to deduction under Section 54F of the Income Tax Act, 1961, and the reduction of declared agricultural income with a consequential assessment of the reduced amount as income from other sources.

While the ITAT upheld the disa

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