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of <h1>Assessee trust entitled to deduction under section 54 for property sale, eligible for set off of capital loss</h1> The Gujarat HC held that the assessee trust was entitled to deduction under section 54 of the Income Tax Act for the sale of a residential property. The ... Tax Appeal is ADMITTED for consideration of following substantial questions of law. [A] Whether the ITAT was right in law in confirming the disallowance of the deduction under section 54 of the Act on the income of the assessee trust on sale of residential property? [B] Whether ITAT has erred in holding that the assessee is not eligible for set off of the brought forward capital loss despite the fact that the same was disclosed in the return of income as well as the assessing officer was appraised of the same during the assessment proceedings? The Gujarat High Court admitted a Tax Appeal to consider substantial questions of law related to the disallowance of deduction under section 54 of the Income Tax Act on the income of the assessee trust from the sale of a residential property. The appeal also questioned the eligibility of the assessee for set off of brought forward capital loss despite disclosure in the return of income and during assessment proceedings.
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