Taxman denied exemption on 3 floors after Rs 75 lakh builder deal; ITAT grants relief

A man inherited 400 square yards of leasehold land from his late mother in 1997. Towards the end of 1999, he entered into an agreement with a developer to demolish the existing house and construct a new building. Nearly two decades later, in 2018, the man decided to undertake another redevelopment…