ITAT Overturns Tax Order, Grants Relief on Rs 75 Lakh Builder Deal

The Income Tax Appellate Tribunal has overturned a tax department order regarding a redevelopment agreement. The case involves an individual who received Rs 75 lakh from a builder during a 2018 property redevelopment. The tax department had initially denied him an exemption on three floors of the newly constructed building. The ITAT ruling now provides relief from this tax demand.