ITAT Grants Relief After Tax Denied on Rs 75 Lakh Builder Deal
A man inherited 400 square yards of leasehold land in 1997 and entered a redevelopment agreement with a builder in 1999. In 2018, he undertook another redevelopment and received Rs 75 lakh from the builder. The tax authorities denied exemption on three floors, but the Income Tax Appellate Tribunal (ITAT) granted relief to the man.
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