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ITAT remanded case back to AO regarding LTCG computation and Section 54 deduction eligibility. Tribunal rejected AO's determination of 50% ownership share based solely on Khatha records, emphasizing that property ownership cannot be established through Khatha alone. AO directed to conduct fresh inquiry regarding assessee's claimed 25% share by examining partition deed and investigating separate property sales by family members. On Section 54 deduction, ITAT clarified that if construction commenced within prescribed 3-year period, deduction would be allowable even if completion extended beyond, subject to proper documentation. AO instructed to verify construction timeline and supporting documents. Appeal allowed for statistical purposes with directions for fresh assessment on both issues.
ITAT remanded case back to AO regarding LTCG computation and Section 54 deduction eligibility. Tribunal rejected AO's determination of 50% ownership share based solely on Khatha records, emphasizing that property ownership cannot be established through Khatha alone. AO directed to conduct fresh inquiry regarding assessee's claimed 25% share by examining partition deed and investigating separate property sales by family members. On Section 54 deduction, ITAT clarified that if construction commenced within prescribed 3-year period, deduction would be allowable even if completion extended beyond, subject to proper documentation. AO instructed to verify construction timeline and supporting documents. Appeal allowed for statistical purposes with directions for fresh assessment on both issues.
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