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The Appellate Tribunal allowed the assessee's claim for tax exemption under section 54 of the Income Tax Act, despite initially claiming under section 54F. The dispute concerned a property registered as residential but commercially leased to a bank since 2009. ITAT noted that both sections have similar conditions, with section 54F requiring investment of net consideration rather than just capital gains, imposing a higher burden on the assessee. Since the assessee had fulfilled all statutory requirements and the first appellate authority was obligated to consider alternative grounds, the Tribunal directed the Assessing Officer to allow the section 54 exemption after appropriate calculations.
The Appellate Tribunal allowed the assessee's claim for tax exemption under section 54 of the Income Tax Act, despite initially claiming under section 54F. The dispute concerned a property registered as residential but commercially leased to a bank since 2009. ITAT noted that both sections have similar conditions, with section 54F requiring investment of net consideration rather than just capital gains, imposing a higher burden on the assessee. Since the assessee had fulfilled all statutory requirements and the first appellate authority was obligated to consider alternative grounds, the Tribunal directed the Assessing Officer to allow the section 54 exemption after appropriate calculations.
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