Section 54F Deduction Allowed Despite Builder’s Delay in Possession: ITAT Delhi

DCIT Vs Kushal Singh (ITAT Delhi) The appeal before the Income Tax Appellate Tribunal, Delhi was filed by the Revenue against the order of the Commissioner of Income Tax (Appeals) dated 23 January 2023, which had deleted an addition made under Section 54F of the Income Tax Act, 1961 for Assessment Year 2014–15. The assessment had been framed under Section 153A following which the Assessing Officer disallowed the assessee’s claim of deduction of ₹3,43,44,059 on long-term capital gains arising from the sale of a plot of land for ₹4.17 crore. The assessee had invested ₹3,53,50,000, incl...