Section 54F Exemption allowable despite Non-Claim in Income Tax Return

Srinivas Bejgam Vs ACIT (ITAT Hyderabad) In the original return of income, the assessee has not offered the capital gain to tax nor has he claimed deduction u/s 54F of the Act. In view of the same, the assessment order, disallowing the claim of deduction u/s 54F is justified. However, the assessee had filed written submissions before the CIT(A) and had submitted before the Tribunal that he had all the relevant evidence to substantiate the claim u/s 54F of the Act. Since S.54F of the Act is a beneficial provision and the Hon’ble Courts have held that the beneficial provision should be constru...