Section 54 Exemption: ITAT remit file to AO for fresh consideration

Advertisement Shri Lakshmi Narayana Prasad Vs ITO (ITAT Bangalore) In this case, the claim of assessee u/s. 54 was denied on the reason that assessee has not filed any supporting evidence to show the sale consideration was reinvested in new residential property. Before us, the ld. AR pointed out to the copies of bank statements and submitted that the amount is accounted out of sale consideration towards construction of new residential house and deduction u/s. 54 has to be granted. However, the assessee has not produced the relevant bills, vouchers and receipts towards incurring the cost of ...