ITAT Delhi Allows Sections 54/54F Exemption, Rejects Arbitrary FMV Determination as on 01.04.2001

Smt. Sushma Kapur Vs Assessment Unit (ITAT Delhi) The assessee appealed against the order of the Commissioner of Income Tax (Appeals)-NFAC dated 29.09.2025, arising from the assessment order dated 23.09.2022 passed under Section 143(3) read with Section 144B of the Income Tax Act, 1961 for Assessment Year 2020-21. The assessee had filed a return declaring total income of Rs. 9,92,990/-. The case was selected for scrutiny under CASS due to large investments in immovable property reported through Form 26QB and substantial exemption claims under Sections 54 and 54F. During assessment, the Assessi...