ITAT allows LTCG Exemption u/s 54 of Income Tax Act in spite of Filing Belated ITR

The Income Tax Appellate Tribunal (ITAT) allowed a taxpayer to claim an exemption on long-term capital gains (LTCG) under Section 54 of the Income Tax Act, even though the income tax return (ITR) was filed belatedly. The tribunal emphasized that the delay in filing the ITR should not disqualify the taxpayer from claiming the exemption, provided the substantive conditions of the law are met. This ruling provides relief to taxpayers who may face delays in filing due to legitimate reasons.