New Delhi, Sept. 10 -- A Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has allowed a taxpayer's claim for Section 54 exemption on investments made in more than one property, while also allowing expenses incurred to make a newly purchased flat habitable.

The ruling, in Vivek Juneja v. ACIT, ITA No. 8512/Mum/2025, concerns Assessment Year 2013-14 and is important because the Section 54 provision applicable at that time was different from the law that applies to later assessment years. The order was pronounced on 29 May 2026.

The case involved an immovable property jointly owned by Juneja and his mother. After the property was sold, Juneja received Rs.23.76 crore, representing his 50% share of the sale consideration. He reported...