Purchase of Land before Sale of Capital Asset ineligible for Income Tax Deduction: ITAT

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) has held that the capital gain exemption under Section 54 of the Income Tax Act, 1961 cannot be availed in case of purchase of land before the sale of the residential unit. In the instant case, the Commissioner of Income Tax, while invoking his revisional […]

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