Section 54F Exemption: AO Directed to Verify Compliance with Capital Gain Account Scheme

Murugan Doraisamy Vs ITO (ITAT Chennai) Income Tax Appellate Tribunal (ITAT), Chennai Bench, has remitted the case of Murugan Doraisamy, a non-resident individual, back to the Assessing Officer (AO) for re-examination concerning a denied deduction under Section 54F of the Income Tax Act, 1961. The Tribunal observed that the AO had rejected the claim solely on procedural grounds without verifying whether the assessee had substantially complied with the conditions for investment in a new asset. The appeal filed by Murugan Doraisamy was against a final assessment order dated January 28, 2025, for...