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Income tax exemption u/s 54

Income Tax - Started By: - SHOEB VAPIWALA - Dated:- 9-3-2015 Last Replied Date:- 12-3-2015 - Dear Expert(s), The 5 persons A, B, C D and E are had sold their inherited property prior to independence of India in F Y: 2006-07 for ₹ 11.50 Lacs. The ITO has issued a notice dtd.: 13/02/2015 u/s 129 - incumbent stating to treat it as u/s 142(1). On presenting the fact that the notice is tame barred, the ITO has shown the The Order of the ACIT dtd. 26/2/2014-stating that to issue the notice u/s 1 .....

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