Under what circumstances is the denial of exemption u/s 54 of the Income Tax Act justified?

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Last updated: 22 May 2021
Quick Summary
This Income Tax Appellate Tribunal case concerns an assessee's appeal against the disallowance of a Section 54 exemption claim. The assessee argued that all conditions for claiming exemption on reinvested capital gains were met. However, the lower appellate authority had passed an ex-parte order confirming the disallowance.

Court :
ITAT Hyderabad

Brief :
This assessee’s appeal for AY.2011-12 arises from the CIT(A)-6, Hyderabad’s order dated 07-06-2019 passed in appeal No.10620/2018-19/A3/CIT(A)-6, in proceedings u/s.143(3) r.w.s.147 of the Income Tax Act, 1961 [in short, ‘the Act’].

Citation :
I.T.A. No. 1508/HYD/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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