Section 54 Exemption Allowed as Possession Date Considered Over Registration Date

Charly Rocky Chitteth Vs ITO (ITAT Mumbai) The Income Tax Appellate Tribunal (ITAT), Mumbai, adjudicated an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals) dated 22.09.2025 for Assessment Year 2016–17. The dispute concerned the disallowance of exemption claimed under Section 54 of the Income Tax Act and the consequent addition of ₹34,55,915 as long-term capital gains. The assessee challenged the action of the Assessing Officer (AO) and the CIT(A), contending that the deduction under Section 54 had been wrongly denied without proper consideration o...