He sold ancestral land for Rs 1 crore but in ITR showed only Rs 2.45 lakh income; Wins case in ITAT Chennai due to this reason

Mr. Natesan sold ancestral land for Rs 1 crore, investing Rs 82 lakh in a house and declaring Rs 2.45 lakh income. Initially facing a tax demand of Rs 2.47 crore, he won his case at ITAT Chennai. The tribunal reduced his taxable gains to Rs 1 crore, allowing Section 54F exemption for the house investment.