Ranjit V Srivatsaa vs. Income Tax Officer, Non Corp. Ward - 3(2), Chennai
Case No: 1755/Chny/2025
Court: Income Tax Appellate Tribunal 'B' Bench, Chennai
Date: 1/14/2026
Parties Involved
appellantRanjit V Srivatsaa
respondentIncome Tax Officer, Non Corp. Ward - 3(2), Chennai
Facts Summary
The assessee, a senior citizen with income from interest on deposits, sold his immovable property at Besant Nagar, Chennai during the F.Y. 2015-16. He filed his return of income for A.Y. 2016-17 declaring long-term capital gain and claimed deduction u/s.54 of the Act. The case was selected for 'Limited scrutiny', and the AO denied the deduction u/s.54, leading the assessee to appeal before the CIT(A), which was also dismissed. The assessee then appealed to the Income Tax Appellate Tribunal.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Learned CIT(A) erred in denying the claim of exemption u/s.54.
- 2. Whether the AO correctly disallowed the deduction u/s.54.
Precedents Relied Upon
2 precedents cited in this judgement.