Section 54/54F Exemption Allowed despite Non-CGAS Deposit if Sale Proceeds Invested in House on Time

Ritu Chopra Vs ITO (ITAT Chandigarh) The Income Tax Appellate Tribunal (ITAT), Chandigarh, allowed the assessee’s appeal, holding that the Commissioner of Income Tax (Appeals) [CIT(A)] exceeded the scope of his jurisdiction by enhancing the assessee’s income through taxation of long-term capital gains that were never examined during reassessment proceedings. The Tribunal also held that, on merits, the assessee was entitled to indexed cost of construction and deduction under Sections 54/54F of the Income-tax Act. The assessee had originally filed a return declaring total income of â...