Subsequent Amalgamation of Two Houses Does Not Qualify for Section 54F exemption: ITAT Delhi

Advertisement ACIT Vs Rahul Garg (ITAT Delhi) The Revenue appealed against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (CIT(A)/NFAC) for Assessment Year 2023, challenging the deletion of the Assessing Officer’s disallowance of the assessee’s deduction under Section 54F amounting to ₹28,81,62,921. The assessment had been completed under Section 143(3) of the Income-tax Act, 1961. The Assessing Officer had disallowed the deduction on the ground that the assessee purchased two adjacent residential properties—Plot No. F-9, Sector-44, Noi...