ITAT Mumbai Allows LTCG Exemption u/s 54 – Possession Date Key, Not Agreement Date

Payal Kishore Kulchandani Vs ITO (ITAT Mumbai) The case of Payal Kishore Kulchandani vs Income Tax Officer came before the Income Tax Appellate Tribunal (ITAT) in Mumbai, centered on the assessee’s appeal against an order passed by the National Faceless Appeal Centre (NFAC), Delhi. The core dispute was the disallowance of a Long-Term Capital Gains (LTCG) exemption claim amounting to Rs. 91,33,892, which the assessee had sought under Section 54 of the Income-tax Act, 1961. The factual background of the case is as follows: The assessee, Payal Kishore Kulchandani, filed her income tax retur...