https://www.taxtmi.com/caselaws?id=764942 The ITAT Visakhapatnam held that appellate authorities can entertain a fresh claim for deduction under section 54F even when not claimed in the original return. The assessee sought section 54F deduction for long-term capital gains before the CIT(A) despite not claiming it during assessment proceedings. Following precedent in R. Venkata Dhana Lakshmi case, the tribunal ruled in favor of the assessee, setting aside lower authorities' orders and directing the AO to verify facts and allow the deduction. en-us Thu, 19 Dec 2024 00:00:00 +0530 Wed, 22 Jan 2025 08:21:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=764942 The ITAT Visakhapatnam held that appellate authorities can entertain a fresh claim for deduction under section 54F even when not claimed in the original return. The assessee sought section 54F deduction for long-term capital gains before the CIT(A) despite not claiming it during assessment proceedings. Following precedent in R. Venkata Dhana Lakshmi case, the tribunal ruled in favor of the assessee, setting aside lower authorities' orders and directing the AO to verify facts and allow the deduction. Case-Laws Income Tax Thu, 19 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=764942