https://www.taxtmi.com/caselaws?id=753357 ITAT Surat allowed assessee's claim for LTCG deduction u/s 54F despite procedural non-compliance. Assessee made advance payments to contractors before asset transfer and after filing return without proper bills/vouchers. ITAT held that exemption provisions u/s 54/54F are benevolent to promote housing and procedural requirements cannot be strictly construed to deny benefits. Advance payments made from sale consideration for construction materials and contractor services were legitimate as assessee had already decided to sell property and construct new residential house. Transactions were genuine as confirmed by parties' responses to notices u/s 133(6) and bank statements. Construction completed within prescribed three-year period. Revenue's appeal dismissed. en-us Wed, 10 Jan 2024 00:00:00 +0530 Thu, 30 May 2024 17:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753357 ITAT Surat allowed assessee's claim for LTCG deduction u/s 54F despite procedural non-compliance. Assessee made advance payments to contractors before asset transfer and after filing return without proper bills/vouchers. ITAT held that exemption provisions u/s 54/54F are benevolent to promote housing and procedural requirements cannot be strictly construed to deny benefits. Advance payments made from sale consideration for construction materials and contractor services were legitimate as assessee had already decided to sell property and construct new residential house. Transactions were genuine as confirmed by parties' responses to notices u/s 133(6) and bank statements. Construction completed within prescribed three-year period. Revenue's appeal dismissed. Case-Laws Income Tax Wed, 10 Jan 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753357