ITAT says Section 54F Commercial Property Cannot Bar Capital Gains Exemption

Sushil Tiwari sold ancestral agricultural land for ₹8 crore and claimed deductions under Sections 54F and 54B. The ITAT found, following verification by the Assessing Officer, that the Dhakoli property was commercial and that the additional lands purchased were agricultural. It deleted the disallowance under Section 54F of ₹2.64 crore and allowed the Section 54B claim to the extent of eligible investments established by the documentary evidence.