Telangana HC Allows Section 54F Exemption Despite Delay in Villa Handover by Developer

Advertisement Sudhakar Reddy Mettu. Vs ACIT (Telangana High Court) The appeal under Section 260A of the Income-tax Act, 1961 challenged the order of the Income Tax Appellate Tribunal (ITAT), Hyderabad Bench, dated 29.05.2024, which had upheld the Assessing Officer’s decision denying the assessee exemption under Section 54F. The assessee, a non-resident individual, had not filed a return for AY 2017-18. Based on information relating to an immovable property transaction, the Assessing Officer found that the assessee, along with 45 others, had entered into a Development Agreement-cum-Gen...