Tribunal held that merely because assessee, by ignorance of law or mistake has claimed deduction under section 54F instead of section 54, such ignorance of law/mistake on part of assessee cannot be utilized to its disadvantage by Assessing Officer; Assessing Officer is duty bound to allow deduction to assessee if assessee is eligible for such deduction under provisions of Act. (AY. 2013-14)
ACIT v. Jai Kumar Gupta (HUF) (2019) 177 ITD 558 (Mum.)(Trib.)
S. 54 : Capital gains-Profit on sale of property used for residence– Due to ignorance the deduction is claimed u/s. 54F instead S.54– Exemption cannot be denied.[S. 54F]