Transfer of Assets of firm to Rural Area: ITAT allows Income Tax Exemptions u/s 54 G to assessee having Rs.1.22 crore Investment [Read Order]

ITAT deletes the addition made by the AO and held that it is no where stated u/s 54 G that asset should be acquired in the name of the assessee.
By Saagarika Gopinath - On August 14, 2024 2:58 pm - 2 mins read
ITAT - Income Tax Appellate Tribunal - Income Tax - Income Tax Exemptions - Tax Exemptions - Section 54 of the Income Tax Act - ITAT rajkot - taxscan

The Income Tax Appellate Tribunal (ITAT), Rajkot Bench, held that to claim exemption under Section 54 of the Income Tax Act, 1961, the assessee should have made investment in an undertaking that has been shifted to a rural area, and it need not be acquired in the name of the assessee. The assessee, Hasmukhbhai Makanbhai…

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