Section 54F Deduction Allowed as Investment in Under-Construction Property Treated as Construction

Romaben Keyur Thakore Vs DCIT (ITAT Ahmedabad) The ITAT Ahmedabad adjudicated an appeal filed by the assessee against the order of the Commissioner of Income Tax (Appeals), which had upheld disallowance of deduction under Section 54F of the Income Tax Act in reassessment proceedings for Assessment Year 2015–16. The assessee had originally filed a return declaring income and claimed deduction under Section 54F arising from sale of an immovable property. The property was sold on 19.08.2014, generating long-term capital gains. The assessee had invested the sale consideration in an under-constru...