Man sells ancestral agricultural land for Rs 8 crore, buys two properties and claims LTCG exemption; faces Rs 6.36 crore tax additions, why ITAT Chandigarh gave relief under Sections 54B and 54F – FinSiddhi

Man sells ancestral agricultural land for Rs 8 crore, buys two properties and claims LTCG exemption; faces Rs 6.36 crore tax additions, why ITAT Chandigarh gave relief under Sections 54B and 54F

In the tax return that he filed, the man declared LTCG of Rs 7.73 crore after accounting for certain expenses. He claimed tax exemptions of Rs 2.64 crore under Section 54F, which relates to residential property, and Section 54B, applicable to agricultural property. However, the Assessing Officer (AO) was not satisfied with the documents that were submitted by the taxpayer to support his claims
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