https://www.taxtmi.com/caselaws?id=325956 Exemption under section 54F was available where the original asset sale proceeds were taxed in the HUF's hands and the subsequent land and construction investment was substantively sourced from HUF funds, even though documents stood in the Karta's name; the relief was allowed. The claimed higher cost of constructing the boundary wall and room was unsupported by adequate evidence, so the disallowance was sustained. Excess cash deposits were explained by available cash balance and declared agricultural income, so the addition was deleted. Amounts supported by revenue records and sale documents were to be assessed as agricultural income, not income from other sources. en-us Fri, 12 Feb 2016 00:00:00 +0530 Sat, 02 Apr 2016 10:42:52 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=325956 Exemption under section 54F was available where the original asset sale proceeds were taxed in the HUF's hands and the subsequent land and construction investment was substantively sourced from HUF funds, even though documents stood in the Karta's name; the relief was allowed. The claimed higher cost of constructing the boundary wall and room was unsupported by adequate evidence, so the disallowance was sustained. Excess cash deposits were explained by available cash balance and declared agricultural income, so the addition was deleted. Amounts supported by revenue records and sale documents were to be assessed as agricultural income, not income from other sources. Case-Laws Income Tax Fri, 12 Feb 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=325956