ITAT allows Section 54 Deduction Not Claimed in Original or Revised Return

Late Gurdip Singh Kapur Vs ACIT (ITAT Delhi) Introduction: In a significant ruling by the Income Tax Appellate Tribunal (ITAT) Delhi, the tribunal has addressed the pivotal issue surrounding the non-claim of Section 54 deduction in both original and revised returns. The case in question is “Late Gurdip Singh Kapur Vs ACIT”. Background of the Case: The assessee had contested the final assessment order for the assessment year 2017-18, specifically raising concerns about the denial of deduction under section 54 of the Income-tax Act, 1961. Central to the dispute was the manner in whi...