Section 54 benefit cannot be denied for Procedural Non-Compliance

ITO Vs. Smt. Rekha Shetty (ITAT Chennai)

The issue under consideration is whether the benefit of section 54 of the Income Tax Act, being a beneficial provision, can be denied to the assessee due to non-compliance of procedural requirements?

ITAT states that for seeking benefit of deduction under Section 54 of the Act, the assessee should have substantially complied with section 54(1). In this case, the assessee should have purchased the residential house within two years f

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