Section 54F exemption cannot be denied merely because bills & vouchers were not produced

Shri Govind Gangadhar Sabane Vs ITO (ITAT Pune)

There is no dispute to the fact that one capital asset was sold and thereafter, new house was constructed. That both the Revenue Authorities in their respective orders have agreed that the Inspector had visited the site and has reported that residential house has been constructed consisting of 6 RCC rooms on the ground floor. That without negating this report, Revenue Authorities have simply rejected the claim of deduction u/s.54F of the Act so far as the assessee is concerned.

Please become a Premium member. If you are already a Premium member, login here to access the full content.