Relinquishment of Tenancy Right is Capital Gain – 54 & 54F Relief Allowed

DCIT Vs Pritibala Harshad Ajmera (ITAT Kolkata) Relinquishment of Tenancy Right is Capital Gain- 54 & 54F Can Be Claimed Simultaneously Assessee filed return declaring income of ₹1.44 crore. Case was selected for scrutiny. AO, noting non-compliance, completed assessment u/s 144 & added ₹3.15 crore as LTCG, denying exemption u/s 54/54F. CIT(A), after calling remand report, allowed exemption holding assessee eligible, as new residential property was purchased from entire sale/tenancy proceeds. Revenue contended that assessee held more than one residential house (Flats 4A & 5A...