New Delhi, July 14 -- A resident of Koramangala, Bengaluru who sold 17 apartments during April 1, 2019-March 31, 2020, and earned capital gains of Rs.11.8 crore has won a tax dispute after he contested tax notices issued by the income tax department due to non-payment of income tax on these gains.

Even though the landowner made substantial profits from the property sales, he did not pay any income tax on these gains as he claimed Section 54 tax exemption on the grounds that he had re-invested all of the Rs.11.8 crore gains to acquire five new residential properties, which included four purchased ready-made and one constructed property, The Economic Times reported.

The income tax department, however disagreed with his claim, leading to a...