KAILASH KATKAR,PUNE vs. INCOME TAX OFFICER, PUNE

ITA 525/PUN/2026Status: DisposedITAT Pune25 September 2026AY 2021-2210 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal restored the Section 54F issue to the CIT(A) for fresh adjudication, allowing the appeal for statistical purposes. The addition on account of waived rental income was deleted, allowing the appeal in favor of the assessee.

What were the facts?

The assessee claimed deduction under Section 54F on long-term capital gains from sale of equities and mutual funds. The Assessing Officer disallowed the claim, stating the assessee owned more than one residential property. The AO also made an addition for waived rental income due to COVID-19.

What were the issues?

Eligibility for Section 54F deduction when owning multiple properties, and taxability of waived rental income during COVID-19.

Which sections of the Income-tax Act were involved?

Section 54F,Section 143(3),Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, PUNE

Before: DR. MANISH BORAD & SHRI PAVAN KUMAR GADALE

Hearing: 29.07.2026Pronounced: 25.09.2026

PER PAVAN KUMAR GADALE, JUDICIAL MEMBER:

- The assessee has filed the appeal against the order of CIT(A)/NFAC, Delhi passed u/sec 143(3) and u/sec 250 of the Income Tax Act for the Assessment Year 2021-22. The assessee has raised the following grounds of appeal:- 1) “Learned CIT(A) has erred in maintaining additions made by. Ld.AO of Rs. 6,72,94,667/- by rejecting rightful claim of appellant under Section 54F of the Act by contending that the appellant is ineligible to claim the deduction. 2). Ld. CIT(A) has erred in maintaining the additions of Rs. 4,16,500/- made by Ld.AO on account of rental income which is not receivable as the s

The order continues below.

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