Man sells ancestral land for Rs 8 crore, claims tax relief on 2 properties; gets income tax notice but wins at ITAT Chandigarh

​Sushil Tiwari successfully contested a tax dispute over capital gains after selling his ancestral land. The Income Tax Appellate Tribunal examined claims related to Sections 54F and 54B of the Income Tax Act. The tribunal ruled that a property in Dhakoli should be classified as commercial rather than residential. Tiwari was granted deductions aligned with his investments in agricultural land. Sushil Tiwari successfully contested a tax dispute over capital gains after selling his ancestral land. The Income Tax Appellate Tribunal examined claims related to Sections 54F and 54B of the Income Tax Act. The tribunal ruled that a property in Dhakoli should be classified as commercial rather than residential. Tiwari was granted deductions aligned with his investments in agricultural land.