https://www.taxtmi.com/caselaws?id=752040 ITAT Delhi denied section 54 deduction for LTCG on residential house construction. AO found the property lacked basic amenities including electricity and water connection, with no approved construction map submitted. Physical inspection on 07.12.2017 by IT Inspector confirmed absence of basic amenities. Tribunal held that assessee failed to construct habitable residential house within prescribed three-year period from transfer date (25.09.2014 to 25.09.2017). The property remained agricultural land without residential amenities. Revenue's appeal was allowed, upholding denial of section 54 deduction. en-us Mon, 29 Apr 2024 00:00:00 +0530 Thu, 02 May 2024 08:22:59 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=752040 ITAT Delhi denied section 54 deduction for LTCG on residential house construction. AO found the property lacked basic amenities including electricity and water connection, with no approved construction map submitted. Physical inspection on 07.12.2017 by IT Inspector confirmed absence of basic amenities. Tribunal held that assessee failed to construct habitable residential house within prescribed three-year period from transfer date (25.09.2014 to 25.09.2017). The property remained agricultural land without residential amenities. Revenue's appeal was allowed, upholding denial of section 54 deduction. Case-Laws Income Tax Mon, 29 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=752040