ITAT allows LTCG Exemption u/s 54 on Sale of Old Flat as Possession of New Flat falls Within Prescribed Period

The ITAT has allowed an "LTCG exemption on the sale of an old flat," as the "possession of the new flat falls within the prescribed period." The tribunal's decision, which is a significant victory for the taxpayer, was made on the grounds that the company's claim was not supported by evidence. The ruling clarifies that a tax authority can't add a tax to a company's account without a valid reason.