No Section 54F exemption on Sale value enhanced under Section 50C

Sunil Miglani Vs DCIT (ITAT Delhi) The issue under consideration is that the Commissioner of Income Tax (Appeal-IV), Kanpur misdirected him to calculate and assess the long term capital gain on the sale of the property at Rs. 64,07,515/- thereby ignoring all together the investment made in the purchase of the new residential house as provided under section 54F(1)(a) of the Act. The long term capital gain enhanced is unjustified, unwarranted without following the provisions contained under section 54F(1)(a) of the Act and thus bad in law.” ITAT here have heard both the parties and perused all...