ITAT Delhi Allows Section 54 Exemption for Property Purchased in Australia

Jagdish Chand Verma Vs ITO (ITAT Mumbai)

ITAT Delhi Allows Section 54 for Property Purchased in Australia & Bank passbook is not books of accounts , a pre-condition to make addition u/s 68

In this case, Assessee, a 70-year-old retired bank employee who shifted to Australia in 2013, sold his Delhi flat for ₹70 lakh & earned LTCG of ₹54,35,000. He deposited ₹40,51,000 in his bank account from sale of household items & cash belonging to his spouse & son. Assessment was completed ex-parte u/s 144 with two additions: denial of exempt

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