ITAT allows Section 54 relief despite a 3-year delay
Synopsis A Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home, initially denied by the tax
Synopsis A Chennai resident successfully reclaimed his Section 54 tax exemption after a three-year construction delay on his new home, initially denied by the tax department. The Income Tax Appellate Tribunal (ITAT) ruled in his favour, citing the COVID-19 pandemic as an extraordinary circumstance beyond his control. The tribunal emphasized a liberal interpretation of the beneficial provision, allowing the exemption despite minor delays in finalising construction.
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