https://www.taxtmi.com/caselaws?id=758029 The ITAT Mumbai allowed the assessee's appeal regarding capital gains deduction under section 54. The assessee sold immovable property and reinvested the long-term capital gains in purchasing another residential property within the prescribed time limit. The purchase consideration of the new house exceeded the sale consideration of the original property. Despite the assessee not filing the return of income initially, the ITAT directed the AO to recompute taxable income by granting the section 54 deduction benefit, as the conditions for exemption were satisfied. en-us Wed, 10 Jul 2024 00:00:00 +0530 Mon, 03 Feb 2025 10:50:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758029 The ITAT Mumbai allowed the assessee's appeal regarding capital gains deduction under section 54. The assessee sold immovable property and reinvested the long-term capital gains in purchasing another residential property within the prescribed time limit. The purchase consideration of the new house exceeded the sale consideration of the original property. Despite the assessee not filing the return of income initially, the ITAT directed the AO to recompute taxable income by granting the section 54 deduction benefit, as the conditions for exemption were satisfied. Case-Laws Income Tax Wed, 10 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758029