Capital Gain Deduction can’t be disallowed due to Non-Investment in Capital Gains Deposit Scheme: ITAT [Read Order]

In an assessee-friendly ruling, the Income Tax Appellate Tribunal (ITAT), Chennai bench has held that the capital gain deduction under section 54 of the Income Tax Act, 1961 cannot be disallowed to the assessee due to non-compliance of mere procedural requirement like non-investment in Capital Gains Deposit Scheme. The assessing officer rejected the deduction claim […]

from Taxscan | Simplifying Tax Laws https://ift.tt/36Oq0q4