Section 54F Relief Allowed in Reassessment: ITAT Treats JDA Flats as Investment

Advertisement Surender Kumar Bhojwani Vs ITO (ITAT Hyderabad) The case involved taxation of LTCG arising from a Joint Development Agreement (JDA), where the AO taxed ₹22.77 lakh as capital gains on transfer of land. The assessee (NRI) contended: Consideration was not monetary but in the form of constructed residential units (bungalows) Such entitlement amounts to investment in residential house, eligible for exemption u/s 54F Key controversy: Assessee had not claimed 54F deduction in return (even in 148 proceedings) CIT(A) rejected claim on: Non-claim in return Lack of evidence of inv...