Section 54F Deduction Denied Due to Lack of Proof of Property Ownership

Chandi Ram Sahajwani Vs ITO (ITAT Delhi) The appeal concerned the denial of deduction under Section 54F of the Income Tax Act for Assessment Year 2012-13. The assessee sold an immovable property for Rs. 1,01,00,000 and, in response to a notice issued under Section 148, declared long-term capital gains (LTCG) of Rs. 51,73,052. He claimed exemption under Section 54F on the ground that he had purchased a residential house in Noida for Rs. 47,02,000 on 11.05.2012 and a commercial office space for Rs. 13,33,475 on 01.02.2012. The Assessing Officer found that the residential property in Noida was no...