ITAT allows Section 54F Deduction for Construction on Land Owned by Mother

Sher Singh Vs ITO (ITAT Chandigarh)

In the case of Sher Singh vs. ITO, the Income Tax Appellate Tribunal (ITAT) Chandigarh ruled in favor of the assessee, granting the full deduction under Section 54F of the Income Tax Act, 1961 for a residential house constructed using the sale proceeds of agricultural land. The Assessing Officer (A.O.) had originally disallowed the full deduction and estimated the construction cost at Rs. 25 lakhs, based on a report from an Income Tax Inspector. The Assessee had submitted a report from an approved valuer, indicating that the actual cost of constr

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