https://www.taxtmi.com/caselaws?id=173145 The Tribunal dismissed both the assessee's and the Revenue's appeals. It upheld the disallowance of Rs. 15 lakhs paid to nieces and the addition of Rs. 20 lakhs under Section 69 of the IT Act, 1961. However, it allowed the deduction of Rs. 45 lakhs paid to sisters and Rs. 22 lakhs invested in REC Bonds under Section 54EC. The judgment highlighted the significance of legal claims and the essential nature of payments related to property transfers. en-us Wed, 23 Jan 2013 00:00:00 +0530 Wed, 09 Sep 2015 15:55:10 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=173145 The Tribunal dismissed both the assessee's and the Revenue's appeals. It upheld the disallowance of Rs. 15 lakhs paid to nieces and the addition of Rs. 20 lakhs under Section 69 of the IT Act, 1961. However, it allowed the deduction of Rs. 45 lakhs paid to sisters and Rs. 22 lakhs invested in REC Bonds under Section 54EC. The judgment highlighted the significance of legal claims and the essential nature of payments related to property transfers. Case-Laws Income Tax Wed, 23 Jan 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=173145