ITAT allows Deduction u/s 54 of Income Tax Act for Investment made in New Residential Property [Read Order]

The bench observed that the assessee had provided details, including a registered sale deed and payment of Municipal Tax, which indicated a legal transfer of the property
By Ashkar Tovarishch - On July 19, 2024 11:13 am - 2 mins read
ITAT - ITAT Ahmedabad - Income Tax - Income Tax Act - Section 54 Income Tax Act - New Residential Property - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal ( ITAT ) allowed the claim for tax deduction under Section 54 of the Income Tax Act, 1961, for an investment in a new residential property. The assessee, Umesh Sumanlal Shah, filed his return of income for the assessment year 2012-13 on 21.03.2014, declaring a total income…

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