Section 54 of Income Tax Act, 1961— Exemption u/s 54— In the instant case, the assessee had sold a property and claimed exemption under Section 54 under the head Long Term Capital Gains. The Assessing Officer disallowed Rs. 69,42,053/- in respect of the claim of exemption u/s 54 of the Income Tax Act, 1961 made by the Assessee.

The Assessing Officer disallowed claim of exemption u/s 54 of the Act, though assessee duly deposited Rs, 75,00.000/- in Capital Gain Accounts Scheme.

Held that— From the perusal of the same it can be seen that the assessee duly deposited Rs. 75,00,000/- which is his share in Capital Gain Accounts before 31.03.2011. The assessee demolished the existing residential property which was jointly owned by him and constructed four new flats but has claimed only as per his own share excluding the wife’s share as well.

Therefore, Assessing Officer as well as CIT(A) was not right in making the addition on this account. [ANIL ANEJA VERSUS ACIT CIRCLE-61 (1) NEW DELHI] [2019] 16 ITCD Online (3) [ITAT DELHI]