Taxpayer builds new house before selling old property, faces Section 54 dispute; ITAT Delhi quashes tax notice
A Delhi taxpayer, Raj Kumar, won a case against the Income Tax Department after the ITAT Delhi quashed a tax notice regarding Section 54 exemption. The court ruled that the Section 148 notice was issued beyond the permissible limitation period, allowing Kumar to claim the exemption despite starting construction of a new house before selling his old property. This ruling could influence similar tax disputes.