Section 54F Deduction Allowed as Multiple Flats Treated as Single Residential Unit: ITAT Mumbai

Siddharth Bhaskar Shah Vs PCIT (ITAT Mumbai) Summary: The appeal was filed by the assessee against the order dated 24.04.2025 passed under Section 263 of the Income Tax Act, 1961 by the Principal Commissioner of Income Tax (PCIT) for Assessment Year 2022–23. The dispute concerned the validity of revisionary proceedings initiated by the PCIT and denial of deduction under Section 54F. The assessee had earned long-term capital gains from the sale of unquoted shares amounting to Rs. 81.39 crore and claimed deduction of Rs. 39.96 crore under Section 54F for investment in a residential flat in Ban...