Purchase & Reconstruction of Old House Qualifies for Section 54F Exemption: ITAT Delhi

Sneh Gupta Vs ACIT (ITAT Delhi) ITAT Delhi Quashes Rs.21.66 Cr Addition – AO Cannot Travel Beyond Limited Scrutiny- Purchase & Reconstruction of Old House Qualifies for 54F – Tribunal Grants Full Relief Assessee had filed her return declaring income of Rs.77.98 lakh. The case was selected for limited scrutiny under CASS for verifying large investment in property vis-à-vis income declared. AO, while verifying, went beyond the scope of limited scrutiny without converting it into complete scrutiny. He examined exemption claimed u/s 54F in A.Y. 2013-14 on sale of shares of M/s Triveni Pol...