ITAT Mumbai Upholds Section 54 Exemption Despite Technical Objection

Nikhil Ravindra Manjrekar Vs CIT (Appeals) (ITAT Mumbai) ITAT Mumbai Grants Section 54 Relief – Mode of Payment Already Evident from Deed & Bank Records-Substance Over Form – ITAT Allows 54 Exemption Despite Technical Objection ITAT Mumbai allowed assessee’s appeal & directed deletion of disallowance of exemption u/s 54. Tribunal held that once purchase deed & bank records proved reinvestment in residential property, denial of exemption for “non-disclosure of mode of payment” was unjustified. Assessee, an individual, had sold a flat on 08.04.2015 for Rs.2.27 crore (purcha...