Beneficial provision of S.54 F should be given a Liberal Construction to the Maximum Extent Possible: ITAT upholds Full Deduction for Purchase of Property in Wife’s name out of Bank Loan [Read Order]
The tribunal found that Section 54F does not require the same sale proceeds to be used for new investment and also allows reinvestment within certain time limits
In the recent case, the Chennai Bench of the Income Tax Appellate Tribunal ( ITAT ) directed the Income-tax Assessing Officer ( AO ) to allow the claim of the assessee under Section 54F of the Income Tax Act,1961 as the assessee has fulfilled the necessary conditions required under the aforementioned section. The Tribunal upheld…
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