Section 54F Claim Revived – ITAT Allows Fresh Chance to Prove Construction with Additional Evidence

Nalwad Prabhu Somashekharappa Vs ITO (ITAT Bangalore) Section 54F Claim Revived – ITAT Allows Fresh Chance to Prove Construction with Additional Evidence The ITAT Bangalore restored the issue of Section 54F deduction to the Assessing Officer, holding that the assessee should be given an opportunity to substantiate the claim with comprehensive documentary evidence. In this case, the assessee claimed deduction of about ₹11.61 lakhs under Section 54F on capital gains arising from sale of property, stating that the amount was invested in construction of a residential house jointly with his bro...