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The ITAT held that exemption under Section 54F depends on the assessee's investment of the net sale consideration in a new residential house within the prescribed time. The Tribunal declined to summarily accept the assessee's claim of investment in a residential plot purchased prior to the sale, directing remand to the AO for verification of investment details up to the return filing date. If the claim is disallowed, resulting in taxable long-term capital gains (LTCG) for AY 2022-23, the AO must adjust for any tax already paid on the same gains in AY 2024-25 to avoid double taxation, in line with constitutional principles. The AO is further instructed to make appropriate adjustments in accordance with established jurisprudence to ensure correct tax liability without reopening assessments.
The ITAT held that exemption under Section 54F depends on the assessee's investment of the net sale consideration in a new residential house within the prescribed time. The Tribunal declined to summarily accept the assessee's claim of investment in a residential plot purchased prior to the sale, directing remand to the AO for verification of investment details up to the return filing date. If the claim is disallowed, resulting in taxable long-term capital gains (LTCG) for AY 2022-23, the AO must adjust for any tax already paid on the same gains in AY 2024-25 to avoid double taxation, in line with constitutional principles. The AO is further instructed to make appropriate adjustments in accordance with established jurisprudence to ensure correct tax liability without reopening assessments.
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