https://www.taxtmi.com/caselaws?id=761831 ITAT Mumbai allowed assessee's claim for deduction under section 54 for long-term capital gains arising from exchange of old flats for new flats under redevelopment agreement. The tribunal held that exchange of capital assets (old flats) for new capital assets (new flats) constitutes transfer under section 2(47) of the Income Tax Act. Following precedent in Dilip P. Ahuja case, the tribunal directed assessing officer to allow the deduction claim, recognizing redevelopment agreements as eligible transactions for capital gains exemption benefits. en-us Wed, 13 Nov 2024 00:00:00 +0530 Sat, 16 Nov 2024 12:19:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=761831 ITAT Mumbai allowed assessee's claim for deduction under section 54 for long-term capital gains arising from exchange of old flats for new flats under redevelopment agreement. The tribunal held that exchange of capital assets (old flats) for new capital assets (new flats) constitutes transfer under section 2(47) of the Income Tax Act. Following precedent in Dilip P. Ahuja case, the tribunal directed assessing officer to allow the deduction claim, recognizing redevelopment agreements as eligible transactions for capital gains exemption benefits. Case-Laws Income Tax Wed, 13 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=761831