Excess Section 54F Claim Disallowance

Section 54F Deduction Must Follow Statutory Formula, Not CGAS Deposit: ITAT The ITAT upheld the Rs. 3.91 lakh addition, ruling that the Section 54F deduction must follow the statutory formula and CGAS deposits cannot exceed the computed eligible exemption. The Income Tax Appellate Tribunal (ITAT) Ahmedabad Bench “C” has announced its decision on an appeal filed…