ITAT Allows Section 54F/54B Deductions for Investments Before Filing Belated Return

Kuldeep Singh Shekhawat Vs ITO (ITAT Jaipur) Income Tax Appellate Tribunal (ITAT) Jaipur ruled on the appeal of Kuldeep Singh Shekhawat against the order of the NFAC, Delhi, concerning deductions under Sections 54F and 54B of the Income Tax Act, 1961. The case involved the disallowance of Rs. 29,16,856 under Section 54F and Rs. 33,56,070 under Section 54B, along with the exclusion of registry charges from the cost of acquisition. The assessee, a farmer, filed his income tax return belatedly under Section 139(4), which led to the disallowance of capital gains exemptions. The ITAT also considere...