Disallowance of exemption u/s 54F of the Income Tax Act

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Last updated: 22 July 2021
Quick Summary
The Income Tax Appellate Tribunal considered an appeal regarding the disallowance of a Rs. 61,44,440 exemption claimed under Section 54F of the Income Tax Act. The exemption was denied by the Assessing Officer and confirmed by the CIT(A) because the assessee allegedly failed to provide sufficient evidence for constructing a single residential unit and instead built multiple units that were let out. The assessee argued that the relevant tax amendment disallowing more than one residential house was prospective and did not apply to her case.

Court :
ITAT Bangalore

Brief :
This appeal at the instance of the assessee is directed against CIT(A)’s order dated 12.03.2019. The relevant assessment year is 2013-2014.

Citation :
ITA No.1105/Bang/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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