Thursday, February 25, 2021

No denial of sec. 54 relief on non-deposit of sum in capital account scheme if construction is completed within time

INCOME TAX : Where assessee invested entire sale consideration in construction of residential house within stipulated time period, exemption under section 54F could not be denied if said consideration was not deposited in capital gain scheme account during intermittent period of construction

from www.taxmann.com Latest Case Laws https://ift.tt/37JTGXh
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AO can’t disallow cost of improvement merely relying on enquiries made with assessee’s neighbour: ITAT

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