https://www.taxtmi.com/caselaws?id=421011 The Appellate Tribunal ITAT Surat upheld the order of the Commissioner of Income Tax (Appeals) in a case concerning the disallowance of deduction under Section 54F of the Income Tax Act. The Tribunal ruled that the assessee could claim deduction for capital gains from the sale of multiple assets against the construction of a single residential unit over multiple years, as long as all other conditions were met. The Tribunal emphasized the legislative intent to incentivize taxpayers to convert assets into residential houses and dismissed the Revenue's appeal, affirming the allowance of the deduction claimed by the assessee. en-us Tue, 12 Apr 2022 00:00:00 +0530 Fri, 15 Apr 2022 08:54:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=421011 The Appellate Tribunal ITAT Surat upheld the order of the Commissioner of Income Tax (Appeals) in a case concerning the disallowance of deduction under Section 54F of the Income Tax Act. The Tribunal ruled that the assessee could claim deduction for capital gains from the sale of multiple assets against the construction of a single residential unit over multiple years, as long as all other conditions were met. The Tribunal emphasized the legislative intent to incentivize taxpayers to convert assets into residential houses and dismissed the Revenue's appeal, affirming the allowance of the deduction claimed by the assessee. Case-Laws Income Tax Tue, 12 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=421011