Section 54EC Exemption Allowed on Development Rights Consideration: ITAT Mumbai

Sherlyn Dias Vs ITO (ITAT Mumbai) The appeal before the ITAT Mumbai arose from the order of the Commissioner of Income-tax (Appeals) dated 09.09.2025 for Assessment Year 2011-12. During the pendency of the appeal, the original assessee died on 02.02.2026. Based on an affidavit, death certificate, no-objection from the other legal heir, and in the absence of any objection from the Revenue, the Tribunal permitted the deceased assessee’s daughter to prosecute the appeal as legal representative. The assessee had originally filed a return declaring income of ₹2,64,260 and disclosed capital gain...