ITAT Orders Re-Adjudication of Section 54F Exemption with Fresh Evidence

Satish Agrawal Vs ITO (ITAT Raipur)

The case of Satish Agrawal vs. ITO (ITAT Raipur) revolves around the denial of a tax exemption under Section 54F of the Income Tax Act, 1961, claimed by the assessee for the Assessment Year 2014-15. Satish Agrawal, a partner in multiple firms, failed to declare a capital gain from the sale of land in his income tax return, asserting that the proceeds were reinvested in a residential property, thus qualifying for exemption. However, during the scrutiny process, the Income Tax Officer (ITO) rejected the exemption claim due to a lack of documentary

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