Sec. 54 exemption cannot be denied for non-filing of Income Tax Return

Smt. Tupel Raja Iyengar Shakuntala Vs ITO (ITAT Bangalore)

Conclusion: Assessee was entitled to claim long term capital gain exemption under section 54 on sale of property and the same could not be denied on the ground that income tax return was not filed declaring such income.

Held: Assessee had computed the long term capital gains (LTCC) on the sale proceeds of the property after claiming indexed cost of acquisition. Assessee had purchased a residential property for a consideration within 7 days from the sale of ori

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