Section 54 Exemption Allowed as Possession Taken Despite Unregistered Agreement

Advertisement ITO Vs Anju Madhan (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal (ITAT), Delhi, concerned the allowability of exemption under Section 54 of the Income-tax Act, 1961, where the assessee claimed exemption on long-term capital gains arising from the sale of a property. The Assessing Officer had disallowed the exemption on two primary grounds: that the agreement to purchase the new property was not registered and that the vendor did not have a clear title over the property. The assessee had sold a property for ₹8.40 crore and claimed exemption under Section 54...