Case Law Details
Case Name : Gurkanwal Kaur Vs ITO (ITAT Chandigarh)
Related Assessment Year : 2016-17
Courts :
All ITAT ITAT Chandigarh
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Gurkanwal Kaur Vs ITO (ITAT Chandigarh)
Capital Gains Addition Deleted Because Procedural Lapse Cannot Override Genuine Section 54F Claim; Section 54F Benefit Cannot Be Denied Solely for Non-Deposit in Capital Gain Account Scheme; ITAT Grants Section 54F Relief Because Revenue Could Not Disprove Residential Investment Evidence; Beneficial Provision Under Section 54F Must Be Liberally Interpreted, Rules ITAT.
Summary: The ITAT Chandigarh allowed the assessee’s appeal and held that exemption under Section 54F of the Income Tax Act cannot be denied merely because the unutilised capital gain...
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