https://www.taxtmi.com/caselaws?id=240927 The tribunal ruled in favor of the assessees, a husband and wife, in an appeal against the disallowance of exemption under section 54 of the Income Tax Act. The tribunal found that the assessees had invested the required amount in a new property, entitling them to the exemption. Additionally, the tribunal determined that the addition of cash deposits in the bank account by the Assessing Officer was unjustified as the investments made by the assessees were in compliance with the provisions of section 54. The tribunal deleted the addition of cash deposits and allowed the appeals partly. en-us Thu, 31 Jan 2013 00:00:00 +0530 Sat, 14 Dec 2013 09:42:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=240927 The tribunal ruled in favor of the assessees, a husband and wife, in an appeal against the disallowance of exemption under section 54 of the Income Tax Act. The tribunal found that the assessees had invested the required amount in a new property, entitling them to the exemption. Additionally, the tribunal determined that the addition of cash deposits in the bank account by the Assessing Officer was unjustified as the investments made by the assessees were in compliance with the provisions of section 54. The tribunal deleted the addition of cash deposits and allowed the appeals partly. Case-Laws Income Tax Thu, 31 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=240927