Criteria for denial of exemption u/s 54 of the Income Tax Act

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Last updated: 24 July 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns an assessee's appeal against the denial of exemption under Section 54 of the Income Tax Act. The assessee claimed exemption on the purchase of a new residential flat, arguing that the authorities incorrectly assumed the property wasn't for residence and overlooked evidence of staff accommodation. The appeal also disputes the disallowance of construction costs for shops and other structures, and the valuation of the sale consideration for capital gains calculation.

Court :
ITAT Jaipur

Brief :
This is an appeal filed by the assessee against the order of ld. CIT(A), Ajmer dated 17.10.2019 wherein the assessee has raised the following grounds of appeal:

Citation :
ITA No. 1358/JP/2019

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1 Year PLAN
1999
(Excl. of GST ₹359)

2 Years PLAN
3499
(Excl. of GST ₹629)

BEST VALUE
3 Years PLAN
4999
(Excl. of GST ₹899)

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