https://www.taxtmi.com/caselaws?id=180252 The appeal addressed two main issues: eligibility for deduction under section 54F of the Act and the assessment of agricultural income. The Tribunal ruled that the construction of a residential building at "Kadavanthara" did not qualify as an existing residential house at the time of transfer, disallowing the deduction under section 54F. Regarding the assessment of agricultural income, the Tribunal found that the Assessing Officer's estimation of expenses lacked basis and violated principles of natural justice, directing a re-examination with the opportunity for the assessee to present their case. The appeal was partly allowed for statistical purposes, with directions for a fresh assessment of the agricultural income issue. en-us Fri, 26 Apr 2013 00:00:00 +0530 Sat, 19 Mar 2016 10:34:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180252 The appeal addressed two main issues: eligibility for deduction under section 54F of the Act and the assessment of agricultural income. The Tribunal ruled that the construction of a residential building at "Kadavanthara" did not qualify as an existing residential house at the time of transfer, disallowing the deduction under section 54F. Regarding the assessment of agricultural income, the Tribunal found that the Assessing Officer's estimation of expenses lacked basis and violated principles of natural justice, directing a re-examination with the opportunity for the assessee to present their case. The appeal was partly allowed for statistical purposes, with directions for a fresh assessment of the agricultural income issue. Case-Laws Income Tax Fri, 26 Apr 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180252