Section 54 exemption cannot be claimed on the basis of non-genuine agreement

Jayaseelan Vs ITO (ITAT Chennai) Shri Jayaseelan (the Appellant) has filed the current appeal being aggrieved against the order dated March 5, 2018 passed by the ld. Commissioner of Income Tax (Appeals) (the CIT(A)) for the assessment year 2014-15 wherein  the claim of the Appellant claiming benefit under section 54 of the Income Tax Act,1961 (the IT Act) was rejected. Factually, the Appellant sold his property and claimed exemption under Section 54 of the IT Act in his income tax return. The Assessing Officer (“AO”) however rejected the claim observing that as per the property’s regist...