https://www.taxtmi.com/caselaws?id=178936 The Appellate Tribunal ITAT Mumbai ruled on the interpretation of exemption u/s. 54 of the Income Tax Act for acquiring a residential unit in a development scheme. It held that acquiring a new flat from a developer under a redevelopment scheme does not qualify for the exemption. The Tribunal also addressed the treatment of consideration for the transfer of an old flat in relation to the exemption u/s. 54, affirming the denial of the exemption. Additionally, the Tribunal upheld the addition of bank deposits as 'unexplained credit' u/s. 68, dismissing the appellant's appeal. en-us Mon, 08 Jul 2013 00:00:00 +0530 Tue, 16 Feb 2016 16:28:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=178936 The Appellate Tribunal ITAT Mumbai ruled on the interpretation of exemption u/s. 54 of the Income Tax Act for acquiring a residential unit in a development scheme. It held that acquiring a new flat from a developer under a redevelopment scheme does not qualify for the exemption. The Tribunal also addressed the treatment of consideration for the transfer of an old flat in relation to the exemption u/s. 54, affirming the denial of the exemption. Additionally, the Tribunal upheld the addition of bank deposits as 'unexplained credit' u/s. 68, dismissing the appellant's appeal. Case-Laws Income Tax Mon, 08 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=178936