https://www.taxtmi.com/caselaws?id=765486 ITAT Ahmedabad ruled on capital gains computation where assessee relinquished land rights to societies. Tribunal held full consideration of Rs. 10,85,28,620 must be taken as sale consideration despite assessee's claim for net amount after loan adjustments, as resolutions contained no stipulation for such adjustment. For Section 54F deduction, following Karnataka HC precedent, investment of entire net consideration in residential construction within stipulated period satisfied requirements regardless of completion timeline. However, legal charges and advance maintenance were excluded from eligible deduction. Interest expenses under Section 57 were partially disallowed as capital expenditure for land purchase loans, but AO directed to recalculate based on closing loan balances. en-us Fri, 08 Nov 2024 00:00:00 +0530 Wed, 11 Mar 2026 14:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765486 ITAT Ahmedabad ruled on capital gains computation where assessee relinquished land rights to societies. Tribunal held full consideration of Rs. 10,85,28,620 must be taken as sale consideration despite assessee's claim for net amount after loan adjustments, as resolutions contained no stipulation for such adjustment. For Section 54F deduction, following Karnataka HC precedent, investment of entire net consideration in residential construction within stipulated period satisfied requirements regardless of completion timeline. However, legal charges and advance maintenance were excluded from eligible deduction. Interest expenses under Section 57 were partially disallowed as capital expenditure for land purchase loans, but AO directed to recalculate based on closing loan balances. Case-Laws Income Tax Fri, 08 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765486