Eligibility for S.54F Deduction for Residential House Purchase: ITAT upholds AO’s decision Rejecting Claim

The ITAT upheld the denial of a Section 54F deduction for residential house purchase. The taxpayer had claimed a deduction under Section 54F for the purchase of a new house but failed to meet the required criteria. The assessing officer rejected the claim, citing non-compliance with the section's stipulations. The tribunal upheld the decision, emphasizing that the deduction could only be availed if all the legal conditions were met. This ruling serves as a reminder to taxpayers about the strict adherence required for claiming deductions under Section 54F and reinforces the need for proper documentation and compliance.