Section 54F Deduction Cannot Be Denied for Delay in Flat Handover if Compliances Are Met

DCIT Vs Kushal Singh (ITAT Delhi)

The Income Tax Appellate Tribunal (ITAT) Delhi upheld the assessee’s claim for deduction under Section 54F of the Income Tax Act, 1961, dismissing the appeal filed by the Revenue. The dispute arose from the assessment year 2014-15, where the assessee had invested capital gains from the sale of property into a new residential property. The Assessing Officer (AO) denied the deduction, citing non-receipt of possession within the statutory period, leading to an addition of Rs. 3.43 crore to the assessee’s income. However, the Commissioner of Income

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