https://www.taxtmi.com/caselaws?id=264510 The Tribunal upheld the CIT (A)'s decision to allow the assessee a deduction under Section 54F of the Income Tax Act, emphasizing that the focus is on investing the net consideration from the sale of the original asset into a new residential house, rather than completing construction within three years. The Tribunal also agreed with the CIT (A) regarding the addition of Rs. 22.00 lakhs as unexplained investment, stating it was made by the assessee's wife and should be considered in her hands, not the assessee's. The Revenue's appeal was dismissed, and the order was pronounced on 23rd September 2015. en-us Wed, 23 Sep 2015 00:00:00 +0530 Fri, 25 Sep 2015 13:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=264510 The Tribunal upheld the CIT (A)'s decision to allow the assessee a deduction under Section 54F of the Income Tax Act, emphasizing that the focus is on investing the net consideration from the sale of the original asset into a new residential house, rather than completing construction within three years. The Tribunal also agreed with the CIT (A) regarding the addition of Rs. 22.00 lakhs as unexplained investment, stating it was made by the assessee's wife and should be considered in her hands, not the assessee's. The Revenue's appeal was dismissed, and the order was pronounced on 23rd September 2015. Case-Laws Income Tax Wed, 23 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=264510