Section 54 Deduction Eligible on Actual Investment, Not Ownership Share ITAT Mumbai

ITO Vs Neelam Shamsher Kashyap (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT) Mumbai heard the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals) [CIT(A)]/National Faceless Appeal Centre (NFAC), Delhi, dated 30 January 2025, for Assessment Year 2021–22. The case concerned the claim of deduction under Section 54 of the Income Tax Act, 1961, and the determination of the cost of acquisition of a property as of 1 April 2001. The Assessing Officer (AO) had restricted the deduction under Section 54 to 50%, citing joint ownership of the new property between the...